I Filed for Social Security Too Early. Now What?
Though your Social Security benefits are calculated based on your earnings history, the age at which you file for them will dictate how much income you receive on a monthly basis. If you file for benefits at your full retirement age, or FRA, you'll wind up with the exact monthly benefit your wage record entitles you to. FRA is either 66, 67, or somewhere in between, depending on your year of birth.
But you most certainly don't have to claim Social Security at FRA. Rather, you can file as early as age 62, and while there's technically no end cap for claiming benefits, there's no financial reason to wait beyond age 70.
While only an estimated 3% of filers claim Social Security at 70, 62 remains the most popular age to sign up. But often, that proves problematic, because filing at 62 means taking a major hit on benefits.
Source Fool.com
