Claiming Social Security at age 62 means taking a risk -- and a pretty big one at that.

You're entitled to your full monthly Social Security benefit based on your personal wage history once full retirement age (FRA) arrives. That age is either 66, 67, or somewhere in the middle, depending on your year of birth.

However, once you turn 62, you can sign up for Social Security at any point. There's no sense in delaying your claim beyond age 70, financially speaking. (But hey, if you want to wait until 71, the Social Security Administration is not going to force you to sign up.)

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Source Fool.com