3 Really Great Reasons for Claiming Social Security at 62
You're allowed to claim Social Security starting at age 62. Beginning your benefits at the youngest possible age has one big downside: You'll get hit with early filing penalties. These can reduce your benefit by as much as 30%, compared to the standard amount you'd receive if you had waited until Social Security's official full retirement age (FRA), which depends on the year you were born and for most people is somewhere between 66 and 67 years old. You'll also lose the chance at a benefits boost that applies for each month you wait after FRA until age 70.
While your benefits are going to be a lot smaller at 62, there are some big advantages to claiming them as soon as you can. Here are three great reasons why you might want to claim your first Social Security retirement check the minute you become eligible to do so.
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Source Fool.com
