3 Great Reasons to Take Social Security Benefits at 62
You'll often hear that signing up for Social Security at 62 is a bad idea. The reason? It will result in a lower monthly benefit for the rest of your retirement.
You're eligible to receive your full monthly benefit based on your earnings history once you reach full retirement age. FRA is either 66, 67, or somewhere in between, depending on when you were born.
If you claim Social Security at age 62, your benefits will be slashed by 25% to 30%, depending on your specific FRA. And that's a pretty big hit to take. In spite of that, it makes sense to file for benefits at 62 under these circumstances.
Source Fool.com
