Social Security offers some flexibility. You can start receiving benefits as early as age 62, or as late as age 70, and when you decide to start impacts the amount you'll receive. On average, your benefits will be 76% higher per year if you start collecting at the age of 70 vs. 62.
If you wait until full retirement age (between 66-67 years old, depending on the year you were born) to start receiving benefits, you will receive your full benefit. If you delay claiming benefits beyond full retirement age, you can earn credits that increase your monthly benefit by about 8% for each year you delay claiming, up to age 70.
If you start collecting Social Security benefits before you reach full retirement age, your benefits will be reduced by up to 30%, depending on when your benefits start.