One of the more significant choices you'll make regarding retirement is when to claim Social Security benefits because it impacts how much you'll receive from a key income source. Your full retirement age (FRA) is the age at which you're eligible to receive your full Social Security benefit -- but you don't have to wait until then to claim.

You can claim benefits as early as age 62, but doing so before reaching your full retirement age will reduce your monthly payout. Still, some people find it better to claim benefits early because they'd rather have the income sooner. If you're considering claiming benefits early in 2024, here are three things to know beforehand.

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Source Fool.com