Overview
- Starting benefits at 62 yields smaller monthly checks, while full retirement age of 66–67 pays 100% of the calculated benefit.
- Claiming before full retirement age while still working can trigger the earnings test, temporarily reducing checks until benefits are recalculated at full retirement age.
- Waiting until 70 increases monthly payments, but using savings to bridge the gap can erode investment growth and undercut the advantage.
- Factors to weigh include other income sources, spousal benefits, lifestyle needs, health, and expected longevity, according to CFP Kim Gattis.
- The guidance highlights that these pitfalls are avoidable with careful planning to prevent short-term forfeitures that may add up to thousands of dollars.