What age is best to start taking Social Security?

Social security card with dollar bill face(Photo: Thinkstock)

Story Highlights

• If the level of income you get is important, your best bet is to wait
• You can begin to take Social Security at age 62 but benefits are reduced
• You receive your maximum benefit if you begin taking Social Security at age 70

USA TODAY personal finance reporter John Waggoner answers a different reader question every week on retirement. To submit a question, e-mail John at This email address is being protected from spambots. You need JavaScript enabled to view it..

Q: I was born in 1951. What's the best age to start taking Social Security?

A: You're 62, so you could start taking your Social Security benefits now.

But you'd be better off waiting. If you retire now, a $1,000 monthly benefit would be cut to $750, according to the Social Security Administration. You won't be able to collect your full benefit until you hit age 66.

NEW: USA TODAY Retirement Section^[1]

You receive your maximum benefit at age 70, and you won't get a larger benefit if you wait until after 70 to collect. By and large, you'll get about the same amount of money from Social Security whether you retire early or not.

If you retire now, you'll get smaller payments over a longer time. But if the level of income you get is important, your best bet is to wait.

SOCIAL SECURITY: What you don't know about it can hurt you^[2]