Claiming Social Security at 62? You May Need to Rethink That

Age 62 happens to be the most popular age to sign up for Social Security. And there's a reason for that. It's the earliest age you're eligible to start receiving a monthly benefit.

If you're eager to get your money as soon as possible, then you, too, may be planning to file for benefits at 62. But here's why that idea could backfire on you.

The monthly Social Security benefit you collect in retirement will be based on your specific wage history, and you're entitled to it at full retirement age, or FRA. FRA hinges on your year of birth, and it's either 66, 67, or somewhere in between.

Source Fool.com