There's a lot riding on your Social Security filing decision in retirement. Although your monthly benefit is based on your personal earnings history, your filing age determines whether that benefit is reduced, boosted, or paid at its standard amount.

If you were born in 1960 or later, your full retirement age for Social Security is 67. And that's when you can get your benefit each month without a reduction.

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If you file at age 62, which is the earliest age Social Security becomes available, your benefit will be reduced by about 30% compared to filing at full retirement age. And if you delay your claim past full retirement age, your benefit will be boosted 8% for each year you wait, up until you turn 70.

Since 62 is the earliest age to file for Social Security, you should know that signing up then might lead to not only less income per month, but less income in your lifetime. But in one situation, that hit may be worth it.

When it pays to claim Social Security at 62 despite the repercussions

People who are in poor health are often told that filing for Social Security at 62 can make sense. The reason is that despite reducing those benefits on a monthly basis, an early claim can lead to more lifetime income for people who don't live such long lives.

But if you're in good health in your early 60s and have a family history of longevity, filing for Social Security at 62 could mean reduced monthly checks as well as reduced lifetime checks.

If you don't have much money saved for retirement, claiming Social Security at 62 could be a dangerous move. But if you have loads of retirement savings and you don't actually need your benefits to cover your living costs, then filing for Social Security at 62 gives you one big advantage -- getting to maximize the good health you have at that point.

While there's no guarantee that your health will take a rapid turn for the worse as you go from age 62 to your mid- or later 60s and beyond, it's natural to assume that the older you get, the harder it might be to do things like travel the world or spend full days on your feet. So if you're in great health at 62 and can use your Social Security benefits to fund experiences you've always wanted to have, then it could pay to sign up then, despite the reduction to those monthly checks.

In fact, imagine you've always dreamed of hiking across Europe. You may feel up to doing that at 62. But will you be able to pull off a four-month trek at 67? Maybe. But you just don't know.

When you've saved well for retirement, it means you have the freedom to accept smaller Social Security checks for life. And that's an option worth capitalizing on if it allows you to fulfill some of your lifelong goals.

An early claim isn't always an unwise move

When it comes to claiming Social Security, you'll often hear that filing early is an unwise choice, and that filing on time or late is your best bet. That may hold true for people who need their monthly benefits to pay their retirement bills.

But if you've saved well enough to use your Social Security for experiences, and you have your core expenses covered thanks to your IRA or 401(k), then you shouldn't hesitate to take benefits at 62 if they can lend to a major goal you have. Consider it your reward for diligently saving all those years.