If someone were to offer you $70 now or $100 in five years from now, which option would you take? Chances are, you'd grab your $70 and head along on your merry way. Well, you might land in a similar boat in the context of claiming Social Security, only with much, much higher stakes.

You're allowed to sign up for Social Security as early as age 62. But if you file for benefits ahead of full retirement age (FRA), they'll be reduced on a permanent basis.

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Source Fool.com