62 Is the Most Popular Social Security Filing Age. But Will That Change?
Millions of retired seniors collect a monthly paycheck from Social Security. And while the amount of that paycheck hinges on factors such as lifetime earnings, for many recipients, it's lower than it needs to be.
The reason? Age 62 has long been the most popular age to file for Social Security. But filing that early comes at a cost.
For each month seniors claim benefits before reaching full retirement age (FRA), which is 67 for those born in 1960 or later, their benefits are reduced. Filing at age 62 with a FRA of 67 means taking a 30% hit on benefits for life.
Source Fool.com
