Age 62 is a pretty big milestone in the context of Social Security. That's because it's the earliest age you can sign up to start receiving monthly benefits.

You won't get your full monthly benefit based on your individual work history if you claim Social Security at 62, though. To get your full monthly payday, you have to wait until full retirement age, or FRA, arrives. That age is either 66, 67, or somewhere in between, depending on your year of birth.

In fact, if you claim Social Security at age 62, you'll lock in a monthly benefit that could be up to 30% lower than your monthly benefit at FRA. And that could constitute a pretty big financial hit throughout your retirement. But if this one circumstance applies to you, then claiming Social Security at 62 is actually a pretty great idea.

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Source Fool.com