Here's Why You'll Regret Claiming Social Security at 62
The decision to file for Social Security isn't one to take lightly. You can claim the full monthly benefit you're entitled to based on your earnings history at full retirement age (FRA), which is either 66, 67, or somewhere in between, depending on your year of birth. The Social Security Administration, however, allows seniors to access their benefits as early as age 62 in exchange for a substantial reduction, or delay benefits past FRA for a sizable boost.
Not shockingly, 62 remains the most popular age for claiming benefits, and, in the case of an FRA of 67, it can mean collecting that money for five extra years. But despite the upside of getting that cash early, a report released last year by the National Bureau of Economic Research linked filing for benefits early to a greater chance of living in poverty later in life. And that's a risk that seniors can't afford to take.
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Source Fool.com
