Are you planning to claim Social Security at the age of 62? That might turn out to be a mistake

In a few years, you'll probably be one of the tens of millions of Americans collecting 

Social Security (65 million as of 2021). What is the amount of your payout? 

Each of us has a different answer to that question, depending mostly on

How much we earned during our working lives -- and also to some extent on when we started collecting our benefits.

In most cases, people start collecting around age 62 or 63, but it is possible 

to start as early as age 62. However, there are some reasons to not do so,

As well as some arguments for doing so. The following are a few reasons 

Why you might regret claiming at 62 followed by some reasons why it might make sense for you.

1. You'll end up with smaller checks

Based on our earnings history, most of us can begin collecting the full benefits we're entitled to at 66 or 67, 

Which is our "full retirement age." Your benefits will decrease each year before you reach full retirement age. 

Starting to collect at 62 will result in you receiving about 70% to 75% of your full benefits.

While that's not ideal, it's also not as bad as it seems. After all, although 

The checks may be smaller, you'll collect more of them overall. If you live an average-length life,

You will receive the same amount of benefits regardless of when they start.

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