Reduced Benefits As Early As Age 62

No matter what your full retirement age is, you may start receiving benefits as early as age 62. However, if you start your benefits early, they are reduced a fraction of a percent for each month before your full retirement age.

For example, if your full retirement age is 65 and you sign up for Social Security when you're 64, you will receive 93 1/3 percent of your full benefit. At age 62, you would get 80 percent. For persons whose full retirement age is more than 65, the reduction will be greater because more months will be involved.

Here's An Important Point: There are disadvantages and advantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is that your benefit is permanently reduced. Each person's situation is different, so make sure you contact Social Security before you decide to retire.