It’s common knowledge by now that delaying the Social Security checks you receive is more beneficial for you in terms of per check amount. The closer you are to 70, the better your benefit per check and vice versa. But this also depends upon your life expectancy. The generic theory of starting it late depends upon the assumption that you might get to live up to 70 and further.
The Full Retirement Age or FRA is the subsequent age that decides what benefits you are entitled to based on your employment history. The math of how much you can claim in terms of Social Security depends entirely on your life expectancy vs when you ultimately decide to start it.
You get a Social Security benefit up to $1,091 per month if you start it at 62, if you wait until your FRA to get started, you will get $149,664 in total if your life expectancy is 75. However, starting at 62 will get you $170,196, which is more than $20,000.
The bottom line is to make sure you account for all of your relative components before deciding on when to start the Social Security benefits. Your age, average life expectancy, date of birth all matter, based on the policy and your work experience of course. Make sure you take in different estimates to find out the figures in different scenarios, all through the my Social Security account page.