Medicare's hospital insurance trust fund will be unable to pay full benefits in 2033, which could lead to higher health care costs for Americans over 65.

So, how will claiming your benefits at age 62 affect your income for life? Well, if your full benefit amount -- the sum you'd receive if you started collecting checks at 67 -- is, say, $3,000 per month, starting at age 62 would shrink that sum to $2,100 per month.

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.