3 Great Reasons to Take Social Security Benefits at 62

Maurie Backman, The Motley Fool
·3 min read
3 Great Reasons to Take Social Security Benefits at 62

Age 62 is the earliest age you can file for Social Security, and not surprisingly, it's also the most popular. Your monthly Social Security benefit is unique to you, and it's calculated based on your average monthly wage, indexed for inflation, during your 35 most profitable years of earnings in the workforce. Filing for Social Security at 62 with an FRA of 67 will shrink your monthly benefit by 30%, and unless you undo your filing and pay back your benefits within a year of claiming them, you'll be stuck with that lower benefit for life.