The No. 1 Reason to Claim Social Security at Age 62
Seniors are often advised to think carefully about when to claim Social Security. And the reason is that your filing age will impact the amount of money you receive from the program each month.
You're allowed to sign up for Social Security starting at age 62. But you won't get your complete monthly benefit based on your personal earnings history unless you wait for full retirement age (FRA) to file. FRA is either 66, 67, or somewhere in between, depending on the year you were born.
You'll often hear that claiming Social Security at 62 is a dangerous move since it means slashing your monthly benefit for life in a serious way. For context, if your FRA is 67, filing at 62 will mean taking a 30% hit to your monthly income.
Source Fool.com
