Your Social Security benefits are calculated based on your earnings history -- specifically, your wages during your 35 highest-paid years in the workforce. But the age you decide to claim benefits at will dictate how much money you receive each month.
You're entitled to your full monthly benefit based on your wage history once you reach full retirement age, which is either 66, 67, or somewhere in between, depending on the year you were born. But you can sign up for benefits as early as age 62. Doing so will get you your money sooner, but you'll also face a lifelong reduction in those benefits for claiming them ahead of schedule. With that in mind, here are a few good reasons to file for Social Security as early as possible.
Claiming benefits early makes sense in some cases, but in others, it pays to hold off.
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