The No. 1 Reason to Claim Social Security at Age 62
If you want to receive your standard Social Security benefit, you will need to wait until your full retirement age (FRA) to claim benefits for the first time. Depending on when you were born, FRA could be between 66 1/2 and 67 if you were born in 1957 or later.
You get to claim benefits before then if you want to, though -- as long as you accept a reduction in benefits. Or you can claim benefits later than FRA, earning a benefits increase for each month you delay until age 70.
Many financial experts advise waiting at least until FRA and ideally until 70 to start getting retirement benefits. This is due to the fact you can substantially increase your monthly income due to delay. But this isn't always the right choice.
Source Fool.com
