A significant reduction in monthly benefits occurs when Social Security is claimed early. Waiting to claim can increase benefits, with growth of about 8 percent per year until age 70. This increase can be particularly valuable for certain couples.

Benefits are affected by the age at which they are claimed, with full retirement age now at 67 for those born in 1967 or later. Claiming early, at 62, is possible but results in a lower monthly benefit for life.

Further details on strategies for maximizing Social Security benefits are available, including approaches for married couples where one spouse has paid more into the system.