The No. 1 Reason to Claim Social Security at Age 62

Age 62 is the earliest point at which you can claim Social Security. And if you want your full monthly benefit based on your earnings history, you'll need to wait until full retirement age, or FRA, to get it. That won't kick in until age 67 if you were born in 1960 or later.

Meanwhile, for each month you sign up for Social Security ahead of FRA, your monthly benefit will be reduced. File at age 62 with an FRA of 67, and you'll be looking at a 30% hit to your Social Security income.

To be clear, it's not like your full monthly benefit will be reinstated once you reach FRA. If you file early and slash your benefit, you can expect those lower monthly payments for life.

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Source Fool.com