Why Claiming Social Security at 62 Could Be Your Most Brilliant Move Yet
Filing early isn't always a bad decision.
Overview
Figuring out when to claim Social Security isn't easy. Though your monthly benefit is based on your personal wage history, your filing age determines if your benefit is paid fully, reduced, or boosted.
Full retirement age for Social Security is 67 for people born in 1960 or later. If you fall into that category, filing at age 67 allows you to get your exact monthly benefit based on your earnings record. And if you delay your claim past full retirement age, each year you wait boosts your benefit by 8% until you turn 70.
Details
Now, age 62 is the soonest you can sign up for Social Security. But claiming Social Security at 62 reduces your monthly checks by 30% compared to filing at a full retirement age of 67. And that reduction is permanent.
Source
Originally published at www.fool.com.