3 Great Reasons to Take Social Security Benefits at 62
There's a reason seniors are often advised not to claim Social Security too early. Doing so could result in a lower income stream for life.
You're entitled to your full monthly benefit based on your lifetime earnings once you reach full retirement age (FRA). FRA kicks in at either 66, 67, or somewhere in between, depending on when you were born.
If you file for Social Security at the earliest possible age of 62, you'll slash your monthly benefit by up to 30%. And don't be fooled into thinking your benefit will then be bumped up to its full amount once you reach FRA, because that's not going to happen. Instead, you'll generally be stuck with a lower monthly benefit for life.
Source Fool.com
