The rules about when to start taking Social Security benefits are confusing to many. For people who file for benefits after their full retirement age but before they turn 70, a surprise comes when their initial benefit checks are smaller than they had anticipated.
Delayed-retirement credits increase Social Security benefits each month after you reach full retirement age (66 for those born between 1943 and 1954). If you accumulate the maximum credits by waiting until age 70, your first check will be for the full amount of those credits. However, if you claim your benefits prior to age 70, the size of the first check will be less and it won’t include the full power of the credits you’ve earned.