Sorry to Say: You Probably Shouldn't Claim Social Security at 62

One great thing about Social Security is that it's a pretty flexible program. You're allowed to sign up for benefits as early as age 62, or you can hold off on filing all the way until age 70.

Of course, there are benefits and drawbacks to filing at different ages. The upside of filing at age 62 is clear -- you'll get access to your money as soon as you're eligible. But here's why signing up for benefits at 62 isn't a great idea at all.

Filing for Social Security at age 62 means locking in a lower monthly benefit for life. You're entitled to your full monthly benefit, based on your personal wage history, once you reach full retirement age, which is either 66, 67, or somewhere in between. Now, say your full retirement age is 67. If you file at 62, you'll cut your benefits by 30%, and that reduction will remain in effect for the rest of your life.

Source Fool.com