3 Great Reasons to Take Social Security Benefits at 62

There's no such things as the perfect age to sign up for Social Security. You get an eight-year window to claim benefits that begins at 62 and ends at 70, financially speaking, and each age within that window has its pros and cons.

Now it just so happens that 62 is the most popular age to sign up for Social Security, but it also comes with consequences. You're entitled to your full monthly benefit based on your wage history once you reach full retirement age, or FRA. That age is either 66, 67, or somewhere in between those two ages, depending on your year of birth.

If you claim Social Security at 62 with an FRA of 66, you'll shrink your monthly benefit by 25%. And with an FRA of 67, you're looking at a 30% reduction by filing at 62. But despite that tremendous hit to your retirement income, here's why it could pay to land on 62 as your Social Security filing age.

Source Fool.com