"Maximizing Social Security Benefits: Avoiding Common Regrets and Understanding the Impact of Early Retirement"

The average Social Security benefit at age 62 is $1,298 for retired workers, with men receiving $1,439 and women receiving $1,167 on average. Starting benefits at 62 results in a 30% reduction compared to full retirement age, but delaying until age 70 can increase benefits by about 77%. The maximum monthly benefit at 62 is $2,710, requiring a work history of at least 35 years with maximum taxable earnings. Undoing an early claiming decision is limited, with options to withdraw within 12 months or suspend benefits until age 70. It's advised to carefully consider the decision to start benefits early, especially if able to work and delay claiming.