Sorry to Say: Claiming Social Security at 62 Could Leave Your Retirement Lacking. Here's Why.
The amount of money you get from Social Security each month will hinge on your personal wage history. The program doesn't pay a single, universal benefit; it calculates payouts individually based on your earnings during your 35 highest-paid years in the labor force.
But your age when you first file for those benefits will also determine how much you get from Social Security each month. And if you sit tight until full retirement age (FRA), which is 67 if you were born in 1960 or later, then you'll be entitled to your complete monthly benefit based on your earnings history.
The Social Security Administration (SSA) allows seniors to start receiving benefits at age 62, albeit at a reduced level. And at first, the idea of filing for benefits that early could seem appealing.
Source Fool.com
