The No. 1 Reason to Claim Social Security at Age 62
"If you sign up for Social Security at 62, you'll regret it." That's something you'll often hear come out of the mouths of financial experts who worry about retirees' ability to make ends meet.
Now to be clear, claiming Social Security at age 62 does have consequences. See, you're entitled to your full monthly benefit based on your earnings history at full retirement age (FRA). But FRA doesn't kick in until 66, 67, or somewhere in the middle, depending on your year of birth. And if you sign up for Social Security at 62, which is the earliest age you can file, you'll shrink your monthly benefit by up to 30% -- for life.
But while filing for Social Security at age 62 could clearly have some negative consequences, that doesn't mean it's a poor choice. It could, in fact, end up being the ideal choice.
Source Fool.com
