You have three main options:
- Start collecting early
- Start collecting at full retirement age
- Start collecting after full retirement age
Let’s discuss the first one: start collecting early?
You can start collecting between age 62 and full retirement age and receive reduced benefits. The reduction can be up to 30% depending on your age.
You can potentially collect over a longer period of time depending on longevity.
You reduce your monthly benefit for life and the life of your surviving spouse.