"Maximizing Benefits: Strategic Social Security Claiming at Ages 62, 66, and 70"

Claiming Social Security at 62 can lead to smaller checks due to early claiming penalties, resulting in a 25-30% benefit reduction depending on one's full retirement age (FRA). Additionally, cost-of-living adjustments (COLAs) will be smaller in dollar terms compared to those who claim later, and there's an earnings test that could temporarily reduce benefits for those who continue to work. While claiming early may be suitable for some, it's important to understand these implications to avoid surprises in retirement income.