When it comes to Social Security, you have the option to choose when to sign up, with 62 being the earliest age. Your full retirement age is 67 for those born in 1960 or later. Delaying your claim past full retirement age can boost benefits by 8% each year up to age 70. Claiming benefits at 62 means a permanent reduction, resulting in roughly 30% lower monthly payments. This also leads to smaller cost-of-living adjustments (COLAs), impacting your buying power over time. Consider all factors, including savings, income needs, health, and life expectancy, before deciding when to claim Social Security.

Read more at Nasdaq: Claiming Social Security at 62? Don’t Overlook This 1 Thing.