Determining when to begin claiming Social Security is one of the most important retirement decisions you'll make, as it will affect your monthly income for the rest of your life.

Age 62 is the earliest you can file, and it's also the most popular choice -- with roughly 35% of men and nearly 40% of women filing at this age, according to a 2020 survey from the Bipartisan Policy Center.

However, claiming early will also dramatically reduce your monthly payments going forward, and those reductions are permanent. Fortunately, if you file early and later regret your decision, you have a couple of options.

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Source Fool.com