Deciding when to start collecting Social Security is one of the most critical financial decisions you'll make as you approach retirement. In this episode, we break down the key considerations between collecting benefits early at 62 or waiting until your Full Retirement Age (67).

We dive into the pros and cons of each option:

Early Collection at 62: You'll gain immediate access to funds, allowing for more years of payments and financial flexibility. However, this comes with the trade-off of permanently reduced benefits, which may not keep up with rising expenses if you live a long life.

Collecting at Full Retirement Age (67): By waiting, you secure a higher monthly benefit and increased survivor benefits for your spouse. This can serve as "longevity insurance," providing a more robust income stre ...