Before Claiming Social Security Early, Ask Yourself 1 Key Question

You're entitled to your full monthly Social Security benefit based on your personal wage history once you reach full retirement age, or FRA. That age is either 66, 67, or somewhere in between, depending on the year you were born.

However, you definitely don't have to wait until FRA to sign up for benefits. You're allowed to claim them as early as age 62.

The upside of filing for Social Security ahead of FRA is clear -- you get your money sooner without having to wait. But there's a very big downside, and it's slashing that monthly benefit for life.

Source Fool.com