What Will Claiming Social Security at 62 Mean For Your Benefits?

There's a reason age 62 is such a popular age to sign up for Social Security -- it's the earliest age you can claim benefits. But filing for benefits at 62 has its consequences, and it's important to recognize what those entail before making that move.

There's really just one problem with claiming Social Security at 62 -- shrinking your monthly benefit for life. You're entitled to your full monthly benefit, based on your wage history, once you reach full retirement age, or FRA.

FRA hinges on your year of birth. For those born between 1943 and 1954, it's 66. For those born in 1960 or later, it's 67. And for those born between 1955 and 1959, it's 66 and anywhere from two to 10 months.

Source Fool.com