If you qualify for Social Security retirement benefits, you can choose to start receiving your monthly payments as early as age 62. However, if you start collecting Social Security before you reach full retirement age, you'll be penalized.

Social Security is a vital financial resource for retirees. While waiting until full retirement age maximizes benefits, many claim early due to financial needs, future uncertainties, and personal preferences.

One of the most important financial decisions you might make for retirement is figuring out when to claim Social Security. You can sign up for benefits as early as age 62. But if you don’t wait until full retirement age (FRA) to file for benefits,