Your age when you choose to collect Social Security has a big impact on the amount of money you ultimately get from the program. The key age is your Full Retirement Age. For people born between 1943 and 1954, full retirement age is 66.
It gradually climbs toward 67 if your birthday falls between 1955 and 1959. For those born in 1960 or later, full retirement age is 67. You can collect Social Security as soon as you turn 62, but taking benefits before full retirement age usually results in a permanent reduction of as much as 25% of your benefit (for a person retiring at exactly 62 in 2019) or higher for those born in 1955 or later.