3 Reasons to Claim Social Security Early

Though your Social Security benefits are based on your earnings history, the age you claim them at will dictate how much money you ultimately collect each month. If you file for Social Security at full retirement age, or FRA, you'll be entitled to the exact monthly benefit your earnings record allows for. FRA is either 66, 67, or somewhere in between, depending on your year of birth.

But the Social Security Administration won't force you to wait until FRA to collect your benefits. In fact, you're allowed to file as early as age 62. There's just one catch: For each month you claim your benefits early (meaning, before FRA), they'll be reduced on a permanent basis (unless you manage to undo your filing, which is easier said than done).

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Source Fool.com