Is Claiming Social Security at 62 a Mistake?
One good thing about Social Security is that you're not required to claim benefits at one specific age. Rather, you get a fairly lengthy window to sign up that begins at age 62 and ends at age 70. (In fact, technically, you can file for benefits beyond your 70th birthday, but there's no financial incentive to do so).
But having choices can sometimes backfire on you -- namely, if you wind up making the wrong one. Such is the conundrum many seniors face.
See, filing for Social Security at the earliest possible age of 62 is tempting. That way, you get your benefits sooner, and you can use that money to buy yourself more financial flexibility later in life. The problem with claiming benefits at 62, however, is that you'll end up reducing them on a permanent basis.
Source Fool.com
