3 Dangers of Taking Social Security Early
Millions of Americans are just waiting to turn 62 so they can begin claiming Social Security benefits. Receiving monthly checks might make you feel wealthy, but starting benefits as soon as you're eligible could hurt you in ways you hadn't anticipated. Before you decide, consider the following drawbacks.
The age you begin taking Social Security plays a big part in how much you receive in benefits. The Social Security Administration (SSA) calculates how much you're entitled to at your full retirement age (FRA) -- from 66 to 67 for most workers -- by totaling up your earnings from your 35 highest-earning years adjusted for inflation and dividing by 420 (the number of months in 35 years). This result is your average indexed monthly earnings (AIME).
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Source Fool.com
