However, you should know that for each month you claim Social Security before reaching full retirement age, your benefits are reduced permanently. And if your full retirement age is 67, which is the case if you were born in 1960 or later, then claiming Social Security at 62 means slashing your monthly checks by roughly 30%.

Social Security is a vital income source for many retirees in the U.S., yet few know how to maximize their benefits without risking other entitlements. Understanding the impact of retirement age, work years,

The first round of April’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will go out to retirees in eight days. Here is all you need to know about April’s Social Security payments. Social Security is financed by a payroll tax paid by employers and employees.