When it may make sense to claim Social Security at 62

Financial experts often emphasize the advantages of delaying benefits, but that doesn’t mean early claiming is always a mistake. Depending on personal circumstances, health, income needs, and retirement goals, taking Social Security at 62 can be a practical and financially sound decision.

Understanding the Trade-Off

Age 62 is the earliest age at which most Americans can begin receiving Social Security retirement benefits. However, claiming early comes with a permanent reduction in monthly payments.

For example, someone whose full retirement age benefit would be $2,000 per month may receive significantly less if they start collecting at 62. The reduction remains in place for life, which is why many advisors encourage workers to delay benefits if possible.

The key question is whether the higher future payments from waiting outweigh the benefits of receiving checks sooner.