3 Great Reasons to Take Social Security Benefits at 62
The monthly Social Security benefit you're entitled to in retirement will hinge on your personal earnings history, and also, the age at which you sign up. If you wait until full retirement age to claim Social Security (which is 66, 67, or somewhere in between), the monthly payday you're eligible for based on your wage history won't be reduced. But if you file early, you'll lock in a lower monthly benefit for life.
Meanwhile, age 62 is the earliest age you can sign up for Social Security. And so not surprisingly, it's a pretty popular age to file.
The downside, though, is you'll slash your monthly benefit substantially by collecting it as early as possible. And that could potentially lead to cash flow problems later in life.
Source Fool.com
