Think You'll Claim Social Security at 62? Ask Yourself These 3 Questions First.

As you approach retirement, you may have some important decisions to make. And one of the biggest choices centers on Social Security.

There is a range of ages at which you can sign up for Social Security. The earliest age to take benefits is 62. But if you want those monthly checks without a reduction, you'll have to wait until full retirement age to file for benefits, which is 67 if you were born in 1960 or later.

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You can also delay your Social Security claim past full retirement age. Each year you wait until your 70th birthday gives your monthly checks an 8% boost.

For a lot of people, the appeal of filing for Social Security at 62 is clear -- you can get your money sooner, even if it means smaller checks per month. And you should know that claiming Social Security at 62 is not necessarily a bad idea off the bat.

But before you file for benefits at 62, it's important to make sure you're making a smart decision based on your personal situation. To that end, here are three questions to ask yourself before moving forward.

1. How much annual income will I need in retirement?

Social Security may play a big role in your retirement income. So it's important to figure out what your costs will be before making a filing decision that directly affects how much the program will pay you each month.

Create a list of your anticipated expenses and build in some wiggle room for unplanned costs. Your car might need work at some point, and your home might need repairs. You might also simply want to take an extra trip here and there, so bake these into the retirement budget you set up.

2. How much non-Social Security income will I have at my disposal?

Once you've established your budget, you should know what your annual spending needs look like. From there, it doesn't necessarily matter how you meet them as long as the final number works out.

In other words, let's say you expect to need $90,000 a year in retirement. If you have a large IRA or 401(k) that can provide $70,000 a year, you may be able to afford a reduction to your Social Security benefits.

If that's not the case, then filing early could leave you short of your goals. So it's important to add up your non-Social Security income before taking benefits early.

3. Am I likely to live an average, shorter, or longer life?

One thing a lot of people don't realize about Social Security is that it's designed to pay you roughly the same lifetime benefit regardless of whether you file early, at full retirement age, or later. But that assumption only holds for people who live an average lifespan.

If you think you're likely to live a longer life, a delayed Social Security claim could put more money in your pocket, not just every month, but also on a lifetime basis. On the flip side, if you don't think you'll live that long, an early claim generally works out best mathematically.

Of course, you can't see into the future and predict how long you'll live. But you can use your current health status and family history as your personal guideline.

If your health isn't the best, it's a sign that filing for Social Security at 62 may not be such a poor choice. But if you're in fabulous health and have parents who are still alive at 90, that's a sign that waiting could be a better choice for you.

Claiming Social Security is a personal decision. And the filing age that's right for one person may be completely wrong for another. If you're contemplating an early claim at 62, consider these factors before making your choice so you don't regret it after the fact.

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