T he Social Security Administration has announced significant changes to the retirement age, which will take effect starting in 2026. The full retirement age, which has been gradu

If you take Social Security at age 62, you’ll need to consider how to pay for health care until you can sign up for Medicare at age 65. The need to purchase a private plan can add significant costs to your budget in those early retirement years and could eat up a chunk of your Social Security check each month.

On a basic level, the monthly Social Security benefit you're entitled to in retirement is based on your earnings history -- specifically, the amount of money you made during your 35 highest-paid years in the labor force. From there, the age you choose to claim benefits at will either raise those monthly payments, shrink them, or leave them as is.