The lasting payoff from waiting on Social Security

Claiming at 62 reduces your benefit permanently, while waiting until 70 adds delayed retirement credits of 8 percent each year past full retirement age. For someone with a $2,000 benefit at 67, this means roughly $3,520 monthly at 70 instead of $1,400 at 62. That gap compounds into tens of thousands of extra dollars over a typical retirement, plus a larger amount for your spouse if you pass first.