However, you should know that for each month you claim Social Security before reaching full retirement age, your benefits are reduced permanently. And if your full retirement age is 67, which is the case if you were born in 1960 or later, then claiming Social Security at 62 means slashing your monthly checks by roughly 30%.

Elon Musk on Thursday claimed Social Security beneficiaries will collect more benefits, not less, following the work of the Department of Government Efficiency.

Deciding when to claim Social Security benefits is crucial for maximizing your monthly income. While you can start receiving benefits at 62, waiting until 70 can significantly increase your payments.