Is 2021 Your Year to Claim Social Security?

Filing for Social Security isn't a decision to take lightly. While your benefits themselves are calculated based on your average monthly wage, adjusted for inflation, during your 35 highest-paid years in the workforce, the age you file at will also dictate how much money you receive from the program every month.

Now that 2021 is rolling along, you may be wondering if this is the right year to sign up for benefits. Here's what you need to know.

The earliest you can sign up to collect Social Security is age 62. Incidentally, that happens to be the most popular age to file for benefits. But there's a downside to filing at 62 -- you'll slash your monthly payments for life.

Source Fool.com