The Social Security Administration uses actuary science to determine the amount of the reduction for collecting benefits at an earlier age. If you expect to live beyond the average age, it would pay to delay collecting benefits. If you do not expect expect to live beyond the average age, then you should start collecting earlier.
This, of course, does not take into account any other factors that may be important for you, such as the spousal benefits mentioned in previous posts, as well as whether the Social Security benefit is needed to cover monthly expenses.
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