Here's Why 62 Is the Perfect Age to Claim Social Security
You have choices when it comes to claiming Social Security. Your full monthly benefit, which is calculated based on your personal earnings history, is yours to collect once you reach what's known as full retirement age, or FRA.
FRA is based on the year you were born, and it's either 66, 67, or somewhere in between. But you don't have to sign up for Social Security at FRA. You can claim benefits as early as age 62 in exchange for a lower monthly payment, or delay your filing until age 70 and boost your benefits by 8% a year in the process.
Many seniors opt to wait until FRA or beyond to claim Social Security. That way, they're not lowering their monthly income. But here's why you may want to sign up for benefits as early as possible instead.
Source Fool.com
