There's a reason Social Security filers are often encouraged not to claim their benefits before full retirement age (FRA) arrives: Doing so means potentially getting stuck with a lower monthly benefit for life.

FRA kicks in at age 66, 67, or somewhere in between, depending on your year of birth. But you're allowed to claim Social Security as early as age 62.

Now the earlier you file for Social Security, the more of a reduction in benefits you'll face, so that a claim at age 62 will have more of an impact than a claim at age 65. But even filing a month ahead of FRA will slash your benefits to some degree.

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Source Fool.com