You get choices when it comes to claiming Social Security. If you wait until full retirement age (FRA) to file, you'll get the complete monthly benefit you're entitled to based on your personal earnings history. But you can also claim Social Security early if you're willing to accept a reduced monthly benefit, or delay your filing up until age 70 for a higher monthly benefit.

The earliest age you can sign up for Social Security is 62. If your FRA is 67 (which is the case for anyone born in 1960 or later), then claiming Social Security at 62 will mean reducing your monthly benefit by 30% -- for life. So if you're going to file for benefits early, there should be a good reason for it.

Image source: Getty Images.

Continue reading

Source Fool.com