Claiming Social Security at 62 to Invest the Money? Here's Why That's a Bad Idea
There's a reason age 62 has long been a popular one for claiming Social Security -- it's the earliest age you can sign up to collect those monthly benefits. However, there's also a big problem with claiming Social Security at age 62 -- you reduce your monthly benefits for life.
You're entitled to your complete monthly benefit based on your individual wage history at full retirement age. That age is 67 if you were born in 1960 or later. And in that case, signing up for Social Security at 62 means facing a 30% reduction in your monthly payments. That's a pretty notable hit.
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Source Fool.com
