As a general rule, early or late retirement will give you about the same total Social Security benefits over your lifetime.

Early:
Pro - smaller benefit over longer period
Con - Benefit permanently reduced

Late:
Pro - retirement credits increase your benefit
Pro - Largest benefit by retiring at age 70
Con - Pro - shorter period with larger benefit

Each person’s situation is different.

Starting Early: age 62 (born 1948)
48 extra payments (retire 2010).

For example, if the number of reduction months is 60 (the maximum number for retirement at 62 when full retirement age is 66), then the benefit is reduced by 30 percent of your primary insurance amount.

Starting Late: age 70 (born 1948)
Full Retirement Age 66 (retire 2018)

You choose to receive benefits 48 months after you reach your full retirement age. Your benefit will be 132 percent of your primary insurance amount.