There are pros and cons to this middle-ground choice.

Social Security is the backbone of many people's retirement planning. However, figuring out when to retire is often easier said than done. You can retire anytime after 62, and delaying longer leads to a higher monthly benefit.

The Social Security full retirement age is 66 for most baby boomers born between 1943 and 1954. However, for people born in the five years after that, the full retirement age increases again in two-month increments each year.

Although you can claim Social Security beginning at age 62, many people choose to wait until age 65 because it coincides with Medicare eligibility and doesn't result in as much of a benefits reduction (though it's still less than claiming at full ...

More than a quarter of Americans first claim Social Security benefits at age 62, permanently diminishing their retirement payments.

You’ll lose about a third of your monthly benefit amount if you claim Social Security at age 62, but there are still times when it makes sense to do so.

Benefits still increased, but maybe not as much as some had hoped.

A growing number of retirees have been paying federal tax on their benefits. A new $6,000 per person senior deduction reduce taxes for some seniors, but doesn’t change the way Social Security is taxed.