Claiming Social Security retirement benefits at age 62 has its plusses and minuses.

On the plus side, you get access to supplemental retirement income as soon as possible. Most people become eligible for retirement benefits at 62, and many don't want to wait a second longer than they have to. On the minus side, you'll permanently reduce your monthly benefit check in exchange for the right to collect benefits earlier (resulting in more checks over your lifetime).

Understanding how much the Social Security Administration reduces your benefit by claiming early can shed some light on the average Social Security benefit for those collecting at age 62 and how it compares to the average retiree. And once you see the numbers, you might decide to delay your benefits just a few years longer.

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Source Fool.com