I have been told when I turn 62 I can apply for SS?

benefits, but not actually drawing the money but wait till I am 65 and then collect, they will pay me retro back to 62 at that point. I guest the idea is to have a lump sum to receive and then go on to get your monthly benefits. Does anyone know how that works?

Other answer:

I've been told is wrong as usual.

If you are eligible for SS benefits and apply at 62, the amount is REDUCED permanently by about 30%.

If you wait until you are 65 to collect, the amount is closer to the benefit amount, but it is forward only. There is no retroactive amount.

There used to be a way at full retirement age (around 66) to file and suspend, then if you decided at, say, 68, that you wished you had been collecting to get a retroactive check back to 66. This option is gone.

when you turn 62.5 actually. .. If you decide to take payment at 62.5 then the payment is REDUCED by 25% from what it would be if you waited to 65 (or whatever you full retirement age is. You do not get a lump some. If you wait further until 70 then your monthly payment is increased from what it would be at 65 by about another 25%
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you can apply at 62 but the file and suspend then collect retroactive has been eliminated.
Also if you did this then you would receive the reduced amount your entire lifetime.

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