The earliest age you can collect Social Security retirement benefits is 62, and about a quarter of people begin payments as soon as they are eligible.
For those born in 1960 or later, the full retirement age is 67. Beginning Social Security anytime before that means a permanent reduction in benefits. Someone claiming benefits at age 62 will receive 30% less than what they would have been paid if they waited until age 67, according to the Social Security Administration.
That doesn’t mean it never makes sense to claim benefits early, but people shouldn’t start Social Security simply because they are eligible.
This post originally appeared at U.S. News & World Report.