For those turning 62, there is a serious choice to make: Should you start to collect Social Security early or wait until your full retirement age or beyond?
While the immediate gratification may be tempting, most financial advisers say to wait unless you desperately need the money to live.
The Center for Retirement Research at Boston College says that by collecting early, you will be shortchanging yourself later in life.
For example, the center says if your monthly benefit at age 62 is $1,000, you will get 33 percent more ($1,333) if you wait until age 66. If you can hold off until age 70, you would get 76 percent more ($1,760).
If you need advice on what decision is right for you, the center offers the free brochure "Social Security Claiming Guide" at crr.bc.edu/social_security_guide. (Click here to find it.)