Let’s say that a worker’s monthly Social Security benefit at the full retirement age (FRA) of 66 is $2,000. If she chooses to claim early at age 62, her monthly benefit will be reduced to $1,500 and will remain at that level (adjusted for inflation) for life. However, if the worker waits to claim until age 63, her permanent benefit jumps to $1,600 per month. If she delays claiming until 64, the benefit is $1,766. If she defers until 65, it climbs to $1,900. Of course, if she claims at the FRA of 66, the worker realizes her full monthly benefit of $2,000. Not only will her benefits be higher by waiting, so will the dollar value of her annual cost-of-living increases designed to help retirees keep pace with inflation. Workers can use the Social Security Administration’s online calculator to determine benefit amounts at different ages.