You can't claim Social Security retirement benefits before age 62, and for many, that already feels like a pretty long wait. For those struggling financially and those hoping to exit the workforce as quickly as possible, signing up for Social Security right away can feel like the best move. But it could have some unintended consequences. Here's what you need to know before you submit your application.

Not everyone realizes this, but taking Social Security at 62 is considered claiming early. And when you claim early, the government shrinks the size of your monthly checks. You could lose up to 30% of your monthly benefit by signing up right away at 62, and that could add up to tens of thousands of dollars less over your lifetime.

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Source Fool.com