There's another option on the other side of this spectrum, however. Although it ultimately means much smaller payments, there's a case to be made for claiming at the earliest possible age of 62. Just don't take such a decision lightly, since it's a permanent choice.

Age 62 tends to be a popular time to claim Social Security because it’s the soonest seniors are allowed to get their benefits. Many people unfortunately end up out of work by age 62. So for them, claiming Social Security might be the only choice.

Claiming Social Security at 62 is popular strategy because it gives recipients the most checks. At the same time, it reduces the size by up to 30%.

Experts do think Social Security will exist years from now, but your payout may be less than you're expecting.

Key Points Working while collecting Social Security can help you supplement your retirement income. You can work as much as you want after reaching full retirement age. If you claim benefits before FRA,