The difference can be substantial.
If you retire before your full retirement age of 65, your benefits will be reduced: 20% at age 62;
13 1/3% at age 63;
6 2/3% at age 64 and..... If your full retirement age is 66, your benefits will be reduced: 25% at age 62;
20% at age 63;
13 1/3% at age 64;
6 2/3% at age 65. You should be getting an annual statement from the SSA detailing all your options. I retired 5 years ago at 55 and will eventually have to think about when to start drawing SS. Given the state of things and the threat of "fixing" SS - would it be better to get less for longer or would I be better off to hold out for the maximum benefit? If one knew how long they were going to live, the decision would be easier. For myself, I'm leaning toward waiting for full benefit. Lots to consider. After stopping work, one would need to decide if the SS benefit was necessary to maintain a life style; does one need to find some alternate work for financial reasons or just to have something to do; would taking the SS early be extra cash to make some other kinds of investments. It's such an individual decision and this is one case where one size doesn't fit all. My years after retirement were spent caregiving for my Mother, so I didn't have the time or opportunity to investigate the possibilities of a part time job or to look into any volunteering. I have the chance to do that now, but want to make sure I'm fully committed to the idea before jumping in. After 32 years of working for one company, then falling into the caregiver mode (which was infinitely harder than my career!), I'm not sure how ready I am to do much of anything. | 
