You can sign up to start collecting Social Security at any age once you turn 62. But it's important to understand the implications of filing at different ages.

If you claim benefits at 62, you'll reduce them on a permanent basis. That's because you're not entitled to your full monthly Social Security benefit based on your individual wage history until you reach full retirement age (FRA), which is either 66, 67, or somewhere in between, depending on your year of birth.

You can also delay your Social Security filing past FRA and boost your benefits by 8% a year in the process. That incentive applies until you reach the age of 70, at which point you might as well file for benefits because they can't grow any further.

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Source Fool.com