When can you apply for Social Security ? And is it better to collect at 62 years old ?

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You're supposed to apply about 4 months before you want the benefits to start - and 62 is the earliest. If you delay taking your benefits, I'm pretty sure the amount will increase.

At 62 you get 75%. At 71 you get 125%. So you have to do the math of what makes sense to you.

You'll be penalized for applying before your full retirement age - 66 or 67. You will get a larger benefit if you wait until age 70.

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