When to Start Receiving Benefits
Your Social Security benefit increases each year that you delay collecting it between 62 and 70. The difference between benefits at 62 and 70 is as much as 76%. However, there are many more variable to take in to consideration when deciding when to start collecting benefits. Even though the benefits would be higher at an older age, there is no guarantee you will come out ahead depending on how long you expect to live. You could be better off taking benefits at a younger age because you would be receiving checks for a longer amount of time. The option is available to everybody, but everybody will have a different best case scenario. For more information on this subject, visit this article by Kelley Holland with CNBC.