If you have started to look into claiming Social Security benefits or simply want to learn more about the program, then you have likely realized how complex it can be. There are a lot of obscure rules and provisions.

But perhaps the most complicated aspect of Social Security revolves around the part where you get a choice. Specifically, claimants can choose the age at which they want to start collecting benefits. In most cases, retirees can start taking benefits as early as 62, and there is no financial incentive for delaying past 70.

This has led to no shortage of experts debating over the best age for claiming benefits. There isn't necessarily one wrong or right answer, but this is the No. 1 reason to claim benefits at age 62.

How claiming benefits works

At first glance, the decision on when to claim benefits may seem like it should be a no-brainer. The present value of money is always more than the same amount in the future assuming you can invest any money today and earn a return on it over time.

So, if a retiree can claim the same amount of Social Security benefits now instead of eight years down the line, then it makes sense to take the money as soon as possible.

However, Social Security accounts for this. For each claimant, the program calculates the full benefit (or primary insurance amount) they're entitled to based on their earnings throughout their career and how many years they worked. But you don't become eligible for this full benefit until you reach full retirement age (FRA), which ranges from 66 to 67.

Retirees who claim at 62 see their monthly payment reduced by as much as 30% from their full benefit amount. For each month you claim benefits prior to your FRA, the government cuts your benefit by 5/9 of 1%. If the number of months surpasses 36, the penalty is reduced to 5/12 of 1% per month.

While it won't be the case for everyone, the Social Security program is actually designed to provide retirees with approximately the same amount of lifetime benefits, regardless of when they claim.

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The No. 1 reason to claim at 62

For someone reaching age 62 today, the life expectancy is 81 for males and 84 for females, according to data from the Social Security Administration. Based on those figures, retirees will collect more in lifetime benefits from the program by delaying past 62 (and ideally waiting until age 70).

But not everyone can afford to wait. The best reason to claim Social Security at age 62 may simply boil down to needing the money right away. This could be for several reasons. Some retirees may not be able to generate income by working, while others may not have enough savings to live on.

And the life expectancy data represents an average -- not all retirees are the same. When someone turns 62, they may be in great health, while others are dealing with significant health issues.

This can be another key factor in the timing of your claim. Healthcare can be expensive and limit a person's ability to work. Some retirees may also fear they won't live deep into their 70s and 80s, so they choose to claim benefits as early as possible in order to maximize their lifetime benefits based on their personal situation.

There is no one-size-fits-all choice. In some cases, it makes sense to delay claiming benefits, and in other cases, it makes sense to claim them as soon as possible.