3 Reasons Claiming Social Security at Age 62 Is a Bad Idea

Social Security is an important income source for millions of retirees. Chances are, it will play a big role in your retirement finances, too. It's important to claim benefits at just the right time, because your filing age will dictate how much monthly income you receive from the program.

You're eligible for your complete monthly benefit based on your earnings history at full retirement age, or FRA. If you file before FRA, you'll get a reduced benefit.

Meanwhile, age 62 is the earliest age you can sign up for Social Security, and not surprisingly, it's a popular one among seniors. But while there are plenty of good reasons to file for Social Security at 62, here are three reasons it may not be the best route for you to take.

Source Fool.com