If You're Going to Claim Social Security Early, Do It for the Right Reason
When it comes to filing for Social Security, you get a choice. You can sign up as early as age 62 or delay your filing until the age of 70. In fact, you technically don't even have to sign up at 70. But since there's no financial incentive to wait longer than that, 70 is generally considered the latest age to file for benefits.
The filing age you choose will dictate what your monthly Social Security benefit looks like. If you sign up to start collecting benefits at age 62, you'll lose 25% to 30% of the amount you would've gotten by waiting until full retirement age, or FRA. FRA kicks in at 66, 67, or somewhere in between, depending on your year of birth.
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Source Fool.com
