Specifically, you lose 5/9 of 1% of your PIA per month for up to 36 months when claiming early, then 5/12 of 1% for every month thereafter. That means signing up for Social Security at 62 can reduce your checks by up to 30%.

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Social Security benefits become available to those who qualify as early as the age of 62, but if you can wait until 70, you'll get the maximum payment in your monthly check. That said, sometimes it doesn't make financial sense to wait.

Dear Help Me Retire, I am 63 and decided I want to go ahead and start drawing my Social Security retirement benefits.  I am still working full time. I was told that I cannot receive any Social Security benefits as long as I am working full time and make more than the annual $23,

Key Points from 24/7 Wall St. Age 62 is the earliest age to claim Social Security, and it results in a reduced benefit for life. If you have nice savings, an early filing won't necessarily hurt your retirement finances.

Understanding the intricacies of Social Security can significantly impact your financial future. Whether you're planning to claim benefits soon or are already a recipient, knowing the key aspects of the program is crucial.

Mike Conrath, chief retirement strategist at JPMorgan Asset Management, emphasized that the most important thing is to be well-informed about the factors to consider when deciding when to claim Social Security.