If i retire at 62 will i receive full benefits at 67

There's no perfect formula for deciding when to take Social Security, which is unfortunate given the critical need to align one's Social Security payout date with their retirement income needs.

There are, however, plenty of good Social Security timing scenarios to choose from.

First, it's important to know the parameters and payout rates of your Social Security plan.

For starters, you can start collecting Social Security benefits as early as age 62. However, your benefit amount will be reduced if you start collecting payments before your full retirement age, which is generally age 66 or 67.

If you take Social Security distributions beginning at age 62, you'll get 25% smaller payouts if your full retirement age is 66 and 30% smaller payouts if your full retirement age is 67.

Waiting to claim Social Security often pays off in the long run, but there are also several reasons to start Social Security payments at the earliest possible age.

Here are some legitimate reasons to take Social Security distributions at age 62, according to

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