How Retiring Early Can Cost You Thousands in Social Security Benefits

After you've been paying Social Security taxes from every paycheck, retirement is a time to reap the fruits of your labor and begin receiving your benefits. The amount of your benefits depends mainly on how much you've earned through your career and when you decide to take benefits. You can begin claiming Social Security benefits as early as age 62, but your baseline amount -- the amount of your monthly benefits at different ages -- is based on your full retirement age (FRA).

To determine your full retirement age, Social Security uses your birth year:

Data source: IRS.

Source Fool.com