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You can start receiving benefits as early as age 62. Or you can wait until you are 70 years old. The answer, ultimately, is that like a fine wine, or an aged hunk of beef, waiting to file has its benefits. It can mean a difference of hundreds, or even thousands of dollars in monthly checks.

A new calculator from the Consumer Financial Protection Bureau in cooperation with the Social Security Administration can help you determine when to file for Social Security so you can maximize your benefits.

By typing in your date of birth, the age at which you expect to retire, and a few other pieces of information, you’ll get an estimate of how much money you can expect to receive monthly and annually, as well as the cumulative amount over your lifetime, assuming you live to the age of 85. You can use this calculator on a mobile phone.



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