The earliest age for claiming Social Security also remains the most popular, according to the Center for Retirement Research. But signing at 62 could prove to be a costly mistake for some seniors. And for others, it could be exactly the right thing to do. There are several factors that influence the best time for you to claim Social Security, so review the information below before deciding whether 62 is the right time for you to sign up.
Signing up for benefits right away at 62 means you get checks for more years, but that doesn’t always lead to the most money overall. When you start Social Security at 62, you’re technically signing up early, and the Social Security Administration reduces the size of your checks as a way of balancing out the extra years you’re receiving benefits.