Sorry to Say: You Probably Shouldn't Claim Social Security at 62
There's a reason 62 has long been the most popular age to file for Social Security -- it's the earliest a person can start collecting the retirement benefit.
The size of your monthly Social Security checks will be based on a formula that starts by averaging your inflation-adjusted income from your 35 highest-earning years. Your "full monthly benefit" based on that calculation will be yours to collect if you wait to file until you reach your full retirement age (FRA) -- somewhere between 66 and 67, depending on when you were born.
But as I just mentioned, a lot of seniors don't wait that long to sign up for Social Security. Instead, they file for benefits the day they're eligible.
Source Fool.com
