Before You Claim Social Security Early, Know These Rules

The decision to file for Social Security is not an easy one to make. That's because your filing age will impact the amount of money you receive from the program each month.

The earliest age you can sign up for benefits is age 62. However, you're not entitled to your full monthly benefit based on your earnings history until you reach full retirement age, or FRA. FRA kicks in at 66, 67, or 66 and a specific number of months, depending on when you were born.

Now you may have your reasons for claiming Social Security ahead of FRA. Maybe your health is poor and you're no longer able to work on a full-time basis. Or maybe you want to use those benefits to pay for travel at an age when you're still young enough to enjoy it the most.

Source Fool.com