You can start receiving Social Security benefits as early as age 62, but your monthly benefit amount will be reduced if you start before your full retirement age. Your full retirement age is based on your birth year and ranges from 66 to 67 years old. If you delay starting your benefits beyond your full retirement age, your monthly benefit amount will increase up until age 70.

Your Social Security benefit amount is based on your average indexed monthly earnings over the 35 years in which you earned the most. Your benefit amount is then adjusted based on your age at the time you start receiving benefits.

The maximum Social Security benefit amount in 2021 is $3,895 per month for those who start receiving benefits at age 70. This amount is based on the maximum taxable earnings for Social Security, which is $142,800 in 2021.

Yes, you can work and receive Social Security benefits at the same time, but your benefits may be reduced if you earn more than a certain amount. In 2021, if you are under full retirement age for the entire year, your benefits will be reduced by $1 for every $2 you earn above $18,960. In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn above $50,520 until the month you reach full retirement age.

The decision of when to start your Social Security benefits depends on your individual circumstances. If you need the income and do not expect to live past your life expectancy, it may make sense to start your benefits early. However, if you can afford to delay your benefits and expect to live past your life expectancy, it may make sense to wait and receive a higher monthly benefit amount. Consider consulting a financial advisor for personalized advice.