Why Do So Many People Claim Social Security at 62?
Many Americans count down the days until they're eligible to get their hands on their Social Security benefits. The earliest age for workers to file for Social Security is 62, and it's therefore the most popular age to start taking benefits. But there's a downside to going that route, and it's one that millions of Americans inevitably fall victim to.
To appreciate the problem with claiming Social Security at 62, it's important to understand how the program works. Your benefits are calculated based on how much money you made during the 35 highest-earning years of your career. The higher that number, the greater your base benefit amount will be, up to a certain maximum. That said, the age at which you first file for benefits might cause that number to decrease, increase, or stay the same.
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Source: Fool.com
