On a basic level, the monthly Social Security benefit you're entitled to in retirement is based on your earnings history -- specifically, the amount of money you made during your 35 highest-paid years in the labor force. From there, the age you choose to claim benefits at will either raise those monthly payments, shrink them, or leave them as is.

Here's the average Social Security benefit for people age 65. Waiting longer to claim benefits, even past retirement age, can boost monthly payments

If you take Social Security at age 62, you’ll need to consider how to pay for health care until you can sign up for Medicare at age 65. The need to purchase a private plan can add significant costs to your budget in those early retirement years and could eat up a chunk of your Social Security check each month.