3 Great Reasons to Take Social Security Benefits at 62
You get plenty of choices when it comes to signing up for Social Security. The earliest age to claim benefits is 62, but if you file before reaching full retirement age (FRA), your benefits will be reduced on what's usually a permanent basis.
FRA kicks in at 66, 67, or somewhere in between, depending on the year you were born. And filing at 62 will result in a monthly benefit that's 25% to 30% lower than what it could've been had you waited until FRA.
Despite what could be a pretty substantial hit, claiming Social Security at 62 can make a lot of sense depending on the circumstances at hand. Here are three scenarios where it pays to file early -- even if it means accepting a lower monthly benefit during retirement.
Source Fool.com
