Social Security full retirement age will also increase

The earliest age you can start collecting Social Security benefits is age 62. If you turned 62 in 2020, your full retirement age, when you can claim 100 percent of your benefits, would be 66 and eight months.

However, under the current adjustments, the full retirement age will increase by two months in 2021. This means that if you turn 62 in 2021, your full retirement age will become 66 years and 10 months; for those born in 1960 or later, their full retirement age will be 67 years in 2022 and beyond.

Of course, no one can stop you from claiming your Social Security benefits at 62 but you should know that you will receive 29.17% less than you would be receiving at your full retirement age. Think about that as well as these 10 Crucial Things to Consider If You Plan on Retiring in the Next 5 Years.