Claiming early can also be a smart decision if you're forced to retire early due to job loss or health issues. Technically, you can retire in your early 60s and still delay benefits.

For someone your age, your Full Retirement Age (FRA), under Social Security, is 66 years and 2 months. That's when you can collect the full amount of benefits based on your past earnings record.

If you're like most people, the earliest you can claim Social Security benefits is age 62. Waiting until later, though, will ...

Social Security typically replaces about 40% of pre-retirement income. Claiming early locks in a lower benefit. Concerns about future funding exist, with projections indicating funds could deplete ...

If your FRA is 67, which is the case if you were born in 1960 or later, then you'll be looking at a 30% reduction in your monthly Social Security benefits if you sign up as early as possible (at 62).

Claiming too early . This may be the single biggest issue impacting Americans because Social Security allows people to begin collecting their benefits when they turn 62, or about five years before ...

This looming problem has made many Americans wonder if they should take out Social Security early to avoid potential cuts. The fear of reduced benefits is understandable, and the decision to claim ...

It is not uncommon to hear that early Social Security claiming can result in a permanent loss of benefits. The system, however, is designed to make up for early withdrawals as soon as you reach ...

Starting Social Security early typically means getting a smaller benefit for the rest of your life. The penalty is steep: Someone who applies this year at age 62 would see their monthly benefit ...

Some people may even benefit from claiming Social Security as early as possible at age 62. ... They might be a sudden job loss, a medical problem, or even a spike in living expenses.

The full retirement age for Social Security for those born in 1960 or later is 67. (It’s a bit earlier for those born before 1960.) Retirees can choose to take their benefits beginning at age 62.