2. Wait Until at Least Full Retirement Age

You can retire as early as age 62 and receive your Social Security checks, but you will have your retirement benefits reduced by 25% to 30%. For people born after 1942, the full retirement age is 66. For each year after 1954, two months are added. For those born in 1960 and after, it’s age 67.

If possible, financial advisors recommend waiting until the full retirement age to claim Social Security checks. This will let you get the highest amount you qualify for. If it makes sense for your case, you can wait even longer to unlock the delayed retirement credits, which increase your monthly payment.

If you wait until age 70 instead of collecting benefits at age 62, you’ll receive an additional 8% a year. When you reach 70, the increases stop.