What is the financial impact of beginning to collect social security at age 62?

Question

I was a maximum earner for the past 20 years.

Answer 1

Summary of article

- If you will collect benefits at 62 it will be at a reduced rate and progressively larger benefits for each month the retiree postpones benefits, up to age 70.

Social Security Administration Retirement Planner (It is a easy to read table to show you the impact)

http://www.ssa.gov/retire2/agereduction.htm

Answer 2

The best way to get a specific answer for your question about your individual eligibility is to order a Social Security Statement and then talk with an SSA Claims Representative.

See: http://www.ssa.gov/mystatement/