Sorry to Say: You Probably Shouldn't Claim Social Security at 62
You have choices when it comes to signing up for Social Security. Many seniors opt to claim their benefits at full retirement age, or FRA. That age is either 66, 67, or somewhere in between, depending on the year you were born, and it's when you're entitled to your full monthly benefit based on your personal wage history.
But you're allowed to sign up for benefits before or after FRA as well. If you delay your filing, you'll boost your benefits by 8% a year, up until you turn 70. And if you claim benefits before FRA, you'll reduce them in the process.
The earliest age you're allowed to sign up for benefits is 62, and not surprisingly, it happens to be the most popular age for seniors to file. But while you may be eager to go that route, here's why claiming Social Security at 62 is a move you might sorely regret.
Source Fool.com
