Four Reasons Why Waiting to Take Your Social Security Benefit Pays Off

retired couple with surfboards - social security
retired couple with surfboards - social security

Taking Social Security benefits at 62 may seem like a good idea, but if you wait, you'll thank yourself later. Here are four reasons why:

1. You get less money when you claim early

If you take your Social Security at age 62, you take a 25% haircut. Or as Social Security points out here, if you are entitled to a $1,000 at your full retirement age -- 66 for most of us retiring soon -- you 'll get $750.

A spouse claiming on your record gets even less money. At full retirement age, if you get $1,000, your spouse will get $500. Take it early, and your spouse will get $350, just 30% of what he or she would get at your full retirement age.