3 Great Reasons to Take Social Security Benefits at 62
How would you react if someone told you that you could have a whole bunch of money right now, or sit tight and wait a few years and get even more money in exchange? It's a dilemma seniors face all the time as they reach the age of eligibility for Social Security.
The earliest age to sign up for Social Security benefits is 62. But seniors aren't entitled to their full monthly benefit based on their respective earnings histories until full retirement age (FRA), which doesn't kick in until 66, 67, or somewhere in between, depending on a person's year of birth.
If you're entitled to a $2,000 monthly Social Security benefit at an FRA of 67, for example, filing at 62 means slashing that benefit to $1,400 -- for life. That's a large financial hit to take.
Source Fool.com
