Deciding when to claim Social Security benefits is crucial for financial stability. Claiming early can lead to significant reductions in monthly payments, impacting long-term financial health.

You can claim Social Security anytime between 62 and 70-- but when are most Americans planning to start their benefits?

Now, you can start collecting Social Security as early as age 62 or as late as age 70. But if you start early, your benefit will be permanently reduced by as much as 30%, depending on how soon you file for benefits. On the other hand, if you wait until after full retirement age, you can get as much as 24% more if you wait until 70.