The Best Reason to Take Social Security Long Before Age 70
Social Security is undoubtedly a great source of retirement income for many people, and for some, it's their only source. After years of working and paying Social Security taxes, you can begin receiving monthly benefits as early as age 62. However, Social Security uses the year you were born to determine your full retirement age (FRA).
Data source: Social Security Administration.
If you begin taking benefits at age 62, it's considered early, and Social Security will reduce your benefits based on how far you're away from your FRA. If you retire within 36 months of your FRA, benefits are reduced by five-ninths of 1% for each month. Any months over 36 will be reduced by five-twelfths of 1% per month. You can also delay your benefits until you reach age 70, increasing the monthly payout.
Source Fool.com
