Applying for early Social Security benefits allows individuals to start receiving retirement benefits before reaching the full retirement age. This can provide financial support during the transition to retirement or supplement other income sources.
Early Social Security benefits are available to individuals who have reached age 62 but have not yet reached their full retirement age. The amount of benefits received will be permanently reduced compared to waiting until full retirement age. However, claiming benefits early may be beneficial for those who have a shorter life expectancy or need immediate financial assistance.