There are pros and cons for taking Social Security benefits at your earliest opportunity (currently age 62), and for delaying them until or even beyond your full retirement age (currently age 66).

Taking benefits at your earliest opportunity:

• Pro: Earnings after 62 can still increase your Social Security retirement benefit if they replace $0 or low-earnings years
  • But only if it is one of your top 35 years of earnings
• Con: If you take Social Security early AND continue to work, your benefits COULD be reduced – $1 of benefits withheld for every $2 earned over $18,960 in 2021
  • But withheld amounts will be added back to your benefit calculation at full retirement age

Delaying benefits:

• Pro: Your benefits could increase, based on your birth date and the number of months you delay the start of your retirement benefits
  • But your benefits stop increasing at age 70 whether you’ve started receiving them or not
• Con: As you age, energy and health issues may prevent you from enjoying the additional money you delayed receiving
  • But delaying can leave you with more resources later to face expected and unexpected medical expenses