Claiming Early or Claiming Late: Which Is the Bigger Social Security Timing Mistake?

Claiming Social Security early reduces your monthly benefits.

Delaying Social Security increases your checks and may lead to a larger lifetime benefit.

The right strategy for you depends on your finances and life expectancy.

If you look for arguments to support claiming Social Security at 62, you'll find them. The same goes for delaying Social Security until you qualify for your largest benefit at 70. This can leave you pretty confused when deciding when to sign up.

The truth is, early and late claiming each have their own pros and cons. The right choice for you depends on what trade-offs you're willing to make. Here's a closer look at what happens when you claim early versus claiming late.

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Claiming Social Security early means applying for benefits before your full retirement age (FRA) . This is 67 for most people. Many early claimants choose to apply as early as 62, so they can receive the most checks possible. This might also lead to the largest lifetime benefit if you have a short life expectancy. But there are drawbacks to claiming early, too.

The earlier you apply, the smaller your monthly checks will be. Those who sign up right away at 62 get 30% less than those who wait until their FRA to sign up.