Why Do So Many People Claim Social Security At 62?

newsfeedback@fool.com (Christy Bieber), The Motley Fool
Sun, 05/13/2018 - 3:03am

Social Security benefits become available for retirees as early as age of 62, but benefits are reduced if you claim them before full retirement age (FRA). Despite the fact benefits could be reduced by as much as 30% if you claim benefits at 62 instead of FRA, 62 is the most popular age to claim Social Security. Your reduction in benefits for claiming early is permanent, so your monthly income during retirement could be hundreds of dollars lower than it would be if you'd waited.

Topics: security fra social benefits age early retirement claiming reduced

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Why Do So Many People Claim Social Security At 62?

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