Social Security

Many Americans collect Social Security benefits early and face a penalty, but by waiting until their official retirement age, they would receive full benefits. By drawing Social Security benefits early, (the earliest you’re eligible is age 62), you automatically reduce the amount in benefits you’ll receive for the rest of your life.

Nearly 45 million people today receive some form of Social Security benefits, including 90 percent of retired workers over age 65. But Social Security is more than just a retirement program. Its scope has expanded to include other benefits as well, such as disability, family, and survivor's benefits.