"Age 62 is a significant one in the context of Social Security. The reason? It's the earliest age to sign up for monthly benefits. In fact, 62 has long been the most popular age for claiming Social Security because many seniors either don't want to wait to get their money or can't afford to wait. A lot of people inevitably end up out of work once they reach their early 60s."
"But while 62 may be an important age for Social Security, there's another key age you should know about - full retirement age, or FRA. FRA isn't a single age. Rather, it's based on the year you were born. However, it's important to know your FRA, since that's when you're able to collect your monthly Social Security benefits in full without a reduction. You should also know that changes to FRA may be on the horizon. That could have an impact on your retirement plans."
Age 62 is the earliest age to sign up for monthly Social Security benefits and remains a popular claiming age because many seniors either cannot or choose not to wait. Full retirement age (FRA) varies by birth year: people born 1943–1954 had FRA 66, those born 1955–1959 have FRA at 66 plus additional months, and people born 1960 or later have FRA 67. Claiming benefits before FRA reduces monthly payments, potentially by about 6.67% per year for each year claimed early. Potential changes to FRA may affect retirement planning and benefit timing.
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