3 Things That Might Happen If You Claim Social Security Early

When it comes to signing up for Social Security, you get choices. You can file for benefits as early as age 62. But you're not entitled to your full monthly benefit until full retirement age (FRA), which kicks in at 66, 67, or 66 and a certain number of months.

If you claim Social Security ahead of FRA, you'll face a reduction in benefits, the extent of which will hinge on how early you file and what your precise FRA is. But if you sign up to get benefits at 62, you'll face a 25% to 30% hit -- for life.

But while you may be aware that claiming Social Security early will result in a reduced benefit, you may not realize the consequences that might ensue when your retirement income suddenly shrinks. Here are just a few things that might happen if you file for Social Security ahead of FRA.

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Source Fool.com