If you're planning to tap into your Social Security benefits at age 62, make sure you fully understand the risks before making your move. Golibtolibov/Getty Images

For many Americans, Social Security is the cornerstone of retirement income. Nearly 90% of people over age 65 receive benefits from the program, according to the latest data from the Social Security Administration (SSA), and those monthly checks provide about one-third of all retirement income nationwide for those over age 65. But while the Social Security safety net is critical, when you choose to claim those benefits can make or break your financial picture later in life.

While the SSA allows you to claim Social Security benefits as early as age 62, waiting until your full retirement age, which is between 66 and 67 d

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