Many Americans start thinking about Social Security at 62 because that is the earliest age when retirement benefits become available. For millions of retirees, the idea of receiving a monthly check right away is appealing. After decades of working, the opportunity to claim benefits as soon as possible can feel rewarding.
However, deciding whether to claim Social Security at 62 is not always straightforward. Financial experts often suggest that delaying benefits until age 70 can significantly increase the total money you receive during retirement.
The decision depends on several personal factors such as financial needs, health, life expectancy, and long-term retirement planning. Understanding these elements can help retirees make smarter choices about Social Security at 62.
Below are four key factors that should be carefully evaluated before deciding to claim benefits early.
Understanding How Social Security Benefits Work
The Social Security program allows eligible Americans to start collecting retirement benefits beginning at age 62. However, this age is considered early retirement, which means monthly payments are permanently reduced.
If retirees delay claiming benefits, the amount increases each year until age 70. This delay leads to larger monthly payments and often higher total lifetime benefits.
Research frequently shows that individuals who wait until age 70 typically receive more overall income from Social Security. One academic study estimated that retirees who claim benefits before 70 may lose about $182,370 in potential lifetime Social Security income.
Despite this, statistics show that over 90% of Americans claim Social Security before age 70, and more than 20% begin at age 62.
Factor 1: You Need Immediate Income
When early Social Security makes sense
One of the most common reasons people claim Social Security at 62 is because they need financial support right away.
If someone stops working and does not have another reliable income source, Social Security benefits can provide essential monthly cash flow.
According to Romina Boccia, director of budget and entitlement policy at the Cato Institute, claiming early may be reasonable if the alternative is taking on debt.
For retirees in financial difficulty, receiving Social Security payments immediately could prevent serious financial strain.
Considering other financial options
Even though claiming Social Security at 62 may provide short-term relief, experts often recommend exploring other options first.
Possible alternatives include:
| Financial Option | Explanation |
|---|---|
| Continue working | Working a few additional years can increase retirement savings and future benefits |
| Use retirement savings | Some retirees use savings temporarily while delaying Social Security |
| Reduce spending | Cutting expenses may allow individuals to delay claiming benefits |
Economist Monique Morrissey from the Economic Policy Institute suggests retirees with savings may consider using some funds while waiting for larger Social Security payments later.
Boston University economist Laurence Kotlikoff takes an even stronger stance, advising retirees to avoid claiming early if possible because delaying benefits can significantly increase lifetime income.
Factor 2: Your Expected Lifespan
Why life expectancy matters
Life expectancy plays a crucial role when deciding about Social Security at 62.
Financial experts often calculate a break-even age to determine when delaying benefits becomes more profitable. According to retirement analyses from The Motley Fool, that break-even point usually occurs around age 80.
If someone lives beyond that age, waiting until 70 generally results in more lifetime benefits.
Many retirees underestimate their lifespan
Many Americans mistakenly believe they will not live long enough to benefit from delayed retirement benefits.
While the average U.S. life expectancy is around 78 years, people who reach age 62 typically live much longer—often into their 80s or beyond.
Experts say people are more likely to underestimate their remaining lifespan than overestimate it.
Situations where early claiming may make sense
For some individuals, claiming Social Security at 62 may still be the right decision.
Examples include:
- People with serious health issues
- Individuals with terminal illnesses
- Those with family histories of shorter life expectancy
In such situations, collecting benefits earlier could maximize the amount received.
Factor 3: Concerns About Social Security’s Future
Worries about program funding
Another reason many Americans choose Social Security at 62 is concern about the program’s financial future.
Current projections suggest that the Social Security trust fund may face a shortfall around 2032. If lawmakers fail to act, benefits could potentially be reduced by about 28%.
This possibility has created fear among future retirees.
An AARP survey conducted in 2025 revealed that about one quarter of Americans aged 62 to 66 decided to claim benefits early or planned to do so due to uncertainty about the program.
Experts believe benefits will continue
Despite these concerns, many financial experts believe Social Security will remain stable.
Possible government solutions include:
- Increasing payroll taxes
- Adjusting the full retirement age
- Borrowing funds
- Modifying benefit formulas
Experts widely agree that cutting benefits for current retirees would be politically difficult.
Financial adviser Robert Brokamp from The Motley Fool believes people already close to retirement are unlikely to experience major benefit reductions.
Factor 4: Investing Early Benefits
The investment strategy idea
Some retirees consider claiming Social Security at 62 and investing the money instead of waiting.
The idea is that investment returns might exceed the benefit increases gained by delaying Social Security.
However, this strategy involves risks.
Why delaying still wins for many retirees
In many cases, the guaranteed increase in Social Security payments by waiting until age 70 provides a safer financial advantage than investing early benefits.
Social Security payments grow each year you delay, and the increase is guaranteed by the government, unlike investment returns which fluctuate with the market.
For retirees seeking predictable income during retirement, waiting to claim benefits often offers greater financial security.
Key Comparison: Claiming Early vs Waiting
| Claim Age | Monthly Benefit | Lifetime Benefit Potential |
|---|---|---|
| 62 | Lowest monthly payment | Lower total lifetime income |
| 67 (Full Retirement Age) | Standard benefit amount | Balanced lifetime earnings |
| 70 | Highest monthly benefit | Highest lifetime benefit for most retirees |
This comparison highlights why many financial planners encourage retirees to delay claiming benefits when possible.
Choosing whether to claim Social Security at 62 is one of the most important financial decisions retirees face. While starting benefits early may provide immediate income, it also permanently reduces monthly payments.
For many Americans, delaying benefits until age 70 can significantly increase lifetime retirement income. Research shows retirees who claim early may lose more than $182,000 in potential Social Security earnings.
However, the best choice depends on personal circumstances such as health, financial needs, and retirement savings. Carefully evaluating these factors can help retirees make the most informed decision about Social Security at 62.
FAQs
1. Is claiming Social Security at 62 a bad idea?
Not always. Claiming Social Security at 62 can make sense for people who need immediate income or have health concerns that may shorten life expectancy.
2. How much does Social Security decrease if claimed at 62?
Benefits claimed at 62 are permanently reduced compared to full retirement age. Monthly payments can be about 25–30% lower than full benefits.
3. What is the best age to claim Social Security?
For many retirees, waiting until age 70 provides the highest monthly payment and the largest lifetime benefit.