Age 62 has long been a popular one among seniors when it comes to Social Security. That's because it's the earliest age to start receiving a monthly benefit.

You're entitled to your full monthly Social Security based on your personal earnings history at full retirement age, or FRA. That age hinges on your year of birth, and if you were born in 1960 or later, it's 67.

In fact, if you're looking at an FRA of 67, a Social Security claim at 62 will result in a 30% reduction to your monthly benefit. That's something you may be aware of already. But you may not realize just how much a reduced benefit might hurt you down the line.

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Source Fool.com