3 Pros and Cons of Claiming Social Security Early
Your Social Security benefits are based on your lifetime earnings -- specifically, your wages during your highest-paid 35 working years. The age you file for benefits at, however, can cause that number to change.
If you file at full retirement age, which is either 66, 67, or 66 and a certain number of months, depending on your year of birth, you'll get the exact monthly benefit you're entitled to based on your earnings history. However, you're allowed to claim Social Security as early as age 62, and currently, it's the most popular age to file for benefits.
But should you claim Social Security early? Here are three advantages to doing so.
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