The No. 1 Reason to Claim Social Security at Age 62
Because you get choices for claiming Social Security, it's a good idea to come up with a filing strategy well ahead of retirement. You may decide to file for benefits at full retirement age (FRA) because that way, you'll avoid a reduction in those monthly checks. FRA kicks in at 66, 67, or 66 and a specific number of months, depending on when you were born.
You can also delay your filing past FRA and score a higher benefit in the process. For each year you hold off until the age of 70, your benefits grow 8%.
On the flipside, you can claim Social Security as early as age 62. Doing so will make it possible to get your money sooner, but for each month you sign up ahead of FRA, your benefits will be reduced permanently. And depending on your specific FRA, signing up for benefits at 62 means slashing them by 25% to 30%, which is not a small hit.
Source Fool.com
