Social Security Full Retirement Age Every individual who is eligible for Social Security program can choose to avail his retirement benefit at the age of 62 through 70. Take note that it is a critical decision that you have to make while you are planning to claim it. It is essential to understand how it affects the sum of money that you will receive when you retire. Before you jump into the decision-making, make sure to consider the pros and cons of choosing whether you want early or late retirement. It will help you learn the best time for you to start earning your retirement benefits. Generally, the full retirement age is between 66 and 67, but some workers may prefer to start receiving their benefits as early as 62 while the late period is 70. Early Retirement Early retirement means that you choose to receive your benefits before the full retirement age. If you prefer this option, take note that you will receive a reduced benefit as much as 30%. In this case, there will be a deduction of 5/9 of 1% every month up to 36 months before you reach the normal retirement age. On the other hand, if the number of months is more than 36, then the benefit will incur a deduction of 5/12 of 1% every month. Late Retirement Late retirement means that you wish to get your benefits after the normal retirement age, you will receive larger benefits. Also, you are also entitled to get delayed retirement credit which will increase the amount that you will gain. For you to avail the full credit, you must be insured under the Social Security program before the retirement, disability, or survivors benefits are paid to you or your beneficiaries. Take note that the credit will not be provided when you are over 69 years old. If you choose to retire before you reach 70 years old, the delayed retirement credits will be applied in January when you start benefits. If the spouse chooses to claim the retirement benefit, he/she may receive a maximum amount of 50% of the benefit that the worker will get at full retirement age. The deduction will then be applied after the benefit is reduced to 50%. Whether you prefer to receive your benefits before or after the full retirement age, it is critical to consider its effect on your monthly finances since it may be reduced or increased. The length of the period of waiting allows you to collect benefits before deciding to get it back. If you delay your benefits until the full retirement age, then the amount will also be increased due to the additional earnings you can get from the delayed retirement credits. The benefits provided by the Social Security vary in every individual due to some factors affecting its results. It is, therefore, crucial not only to weigh its effects but also to seek a consultation from experts who can guide and help you with your decision. When deciding, it is not only the number of benefits that you will receive each month that matters, you should also take a look at your current situation to see if it can sustain your necessities.