While you can start receiving Social Security benefits as early as age 62, waiting a few years to reach the age for full benefits can make a big difference to your retirement income. But if you’re now in your 60s, be aware that the age at which you can receive full Social Security benefits is starting to rise. If you were born in 1954 or earlier, the age is 66. But those born in 1955 (now 60 or 61) or later will have to wait a little longer, as the retirement age will gradually increase to 67 for those born in 1960 or later.
Waiting until full retirement age can be worth the wait: filing early reduces your benefits by five-ninths of 1% per month up to three years early, and five-twelfths of 1% beyond three years early. (You can also wait to file beyond your full retirement age to increase your monthly payment.)