If you're eligible for Social Security, you can sign up to start getting benefits as early as age 62. But you won't be entitled to your complete monthly benefit, based on your personal income history, until full retirement age (FRA) arrives. That age is 67 if you were born in 1960 or later.

Of course, it can be very tempting to sign up for Social Security the moment you're able to. But for each month you claim Social Security ahead of FRA, your monthly benefit will be reduced. So if your FRA is 67 and you file as early as possible, you'll be looking at a monthly Social Security paycheck that's 30% lower than what it could be.

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Source Fool.com