Taking Social Security means applying for monthly retirement benefits, available as early as age 62, though waiting until your "Full Retirement Age" (FRA, 67 for most) gets you 100% of your benefit, with higher amounts for waiting until age 70, while taking it early reduces payments permanently, balancing earlier income with smaller monthly checks for more years. Your benefit amount depends on lifetime earnings, replacing a portion of pre-retirement income, and is calculated by averaging your highest 35 years of earnings. 

There is no single “right” answer to the question of when to start taking your social security benefits. Many base their decision on family considerations, economic circumstances, and personal preferences. If you have a spouse, the decision about when to start benefits gets more complicated – particularly if one person’s earnings were considerably higher than the other's. The timing of spousal benefits should be factored into a decision. When considering at what age to start Social Security benefits it's a good idea to review all of your assets and consider every option before moving forward. 

• Full Retirement Age (FRA): For those born in 1960 or later, FRA is 67. Claiming at FRA gives you 100% of your earned benefit.
  
• Early Claiming (Age 62-FRA): Reduces your monthly benefit. For each month before FRA, your benefit is permanently reduced, up to about 30% if claimed at 62, according to this SSA chart.
  
• Delayed Claiming (FRA-70): Your benefit increases by about 8% for each year you delay past your FRA, up to age 70, providing a larger monthly payment for a shorter time period.
  
• Work & Benefits: If you work before FRA, earnings above a certain limit can temporarily reduce benefits, but benefits are recalculated after FRA to give credit for those months.