The Social Security Administration gives seniors a choice on when to take benefits. They can wait until full retirement age (either 66, 67, or somewhere in between) and enjoy their benefits in full. Or they can file sooner and collect a reduced monthly benefit.

Age 62 is the earliest age to sign up for Social Security. As such, it's a common age to file at.

But if you claim Social Security at age 62, you'll shrink your monthly benefit by 25% to 30%, depending on your specific full retirement age. And that's a hit you may be hesitant to take.

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Source Fool.com