These days, 62 is the most popular age for eligible recipients to start taking Social Security, and the reason is pretty obvious: It's the earliest possible age at which you can begin to collect. But while taking those benefits as soon as possible might seem like a good idea in theory, you may be better off waiting. Here are three big reasons why.
1. You'll reduce your monthly benefit -- forever
Though claiming your Social Security benefits as early as possible does give you access to cash sooner, it also reduces the amount you get each month. And that reduction lasts for as long as you continue to collect Social Security, which means until you die. Taking benefits at 62 when your full retirement age is 67 means reducing your Social Security income by a good 30%, and over the course of a lifetime, that could really add up.