Does it really make a huge difference at which age I take my social security?

Many people choose to collect social security benefits at full retirement age, which is 67 for most people. You can also take early benefits at 62 which is a lower monthly payment, or wait until age 70 or 75 and get more per month. But let's say I retire at 62. And to be clear, social security will NOT be my... show more Many people choose to collect social security benefits at full retirement age, which is 67 for most people.

You can also take early benefits at 62 which is a lower monthly payment, or wait until age 70 or 75 and get more per month.

But let's say I retire at 62. And to be clear, social security will NOT be my only source of retirement income. I have a pension and a 401K.

The way I see it, if I take early benefits at 62, I'll get a lower monthly check than if I take them at 67 but I'll get more checks in my lifetime.

If I wait until 70 or 75 then I'll get a higher monthly check but fewer of them in my lifetime.

Unless I live to a significantly older age than the average person, would my lifetime social security earnings really change that much based on the age I choose to collect benefits?

If choosing an age besides 67 means either more smaller checks or less bigger checks, would I do just as well over the course of my retirement years to start collecting at 62?
11 answers 11