3 Reasons to Claim Social Security Benefits Early

Choosing when to file for Social Security is one of the most important retirement decisions you'll ever make. That's because your filing age will determine your monthly benefit amount.

You're entitled to your full monthly benefit based on your earnings history once you reach full retirement age, or FRA. FRA is either 66, 67, or somewhere in between, depending on your year of birth. However, you're allowed to sign up for Social Security as early as age 62. The problem is that for each month you claim benefits ahead of FRA, they're reduced on a lifelong basis. Still, it can pay to sign up early if the following circumstances apply to you.

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Source Fool.com