Is Claiming Social Security at 62 a Mistake?
The fact that seniors get to choose their Social Security filing age can be a blessing as well as a curse. On the one hand, it's nice to get options. On the other hand, the decision to start taking benefits is a really tough one, and it's one that many seniors inevitably struggle with.
The earliest age at which you can claim Social Security is 62. But you won't be entitled to your full monthly benefit based on your earnings history until you reach full retirement age, or FRA. FRA kicks in at age 67 for anyone born in 1960 or later. And for each month you claim Social Security ahead of FRA, your monthly benefits get reduced.
You'll often hear that signing up for Social Security at age 62 is a mistake, since it will result in a guaranteed lower monthly benefit for life. But while that move may be a mistake for some people, it's not necessarily a mistake for you.
Source Fool.com
