3 Awful Reasons to Take Social Security Benefits at 62

If you're like most Americans, Social Security is going to be a very important source of income when you retire. It's also one of the most flexible sources of retirement income people have access to, with retirees able to start receiving benefits anytime between age 62 (at a reduced monthly benefit) and 70 (at an increased benefit).

According to research at Boston College (covered by my colleague Matt Frankel), 62 is by far the most common age for people to claim Social Security. Nearly half of women and over 40% of men started receiving benefits at age 62, compared to only 4% and 2%, respectively, at age 70.

Plenty of people have good reasons to start at the earliest age, but there are some awful reasons, too. Too many people begin receiving benefits early and pay the price in later years with serious financial struggles. Keep reading to learn three reasons people take Social Security at 62, and why they could be mistakes.

Source: Fool.com