The age you begin taking Social Security benefits is an incredibly important decision, as it will affect your monthly retirement income for the rest of your life. But with so many choices for when to claim, it can be tough to decide on the best age.

Age 62 is the earliest you can begin taking benefits, and it's also the most popular time to file. Around one-quarter of men and women receive Social Security at age 62, according to 2022 data from the Social Security Administration, while less than 10% of retirees wait until age 70.

While there's not necessarily a right or wrong age to file for benefits, there's a hidden danger in filing at age 62. Here's the average benefit at that age -- and the biggest risk with claiming early.

Continue reading

Source Fool.com