The later you claim Social Security, the higher your monthly benefit.
As you approach retirement, how long you work and when you claim will usually have a far greater impact on how much income you’ll have in retirement than how much you save or how much you invest.
If you start collecting at age:
Age 62: $1000
Age 66: $1333
Age 70: $1760
© 2009, by Trustees of Boston College, Center for Retirement Research