Claiming Social Security at Age 62 Is Tempting. Here's Why You Should Hold Out.
There's a reason 62 is such a popular age at which to claim Social Security. It's the earliest age you're allowed to sign up.
The monthly Social Security benefits you're entitled to during retirement will hinge on your personal wage history. Once you reach full retirement age, or FRA, you're eligible to collect those benefits in full.
But FRA doesn't kick in until age 66, 67, or somewhere in between, depending on your year of birth. So if you file for Social Security at age 62, you'll wind up slashing your benefits by 25% to 30%, depending on your exact FRA.
Source Fool.com
