Claiming Social Security at age 62 frequently comes with warnings about reduced monthly benefits and long-term financial consequences. However, for many Americans, it may be the best option, providing flexibility, freedom, and early access to a reliable income stream.
62 has long been the most popular age to begin collecting Social Security. It is the earliest age at which benefits are available, and some people prefer to receive a monthly paycheck sooner rather than later, even if it means a permanent reduction.
While waiting until full retirement age (FRA), which is typically 67 for those born in 1960 or later, will maximize your benefits, there are compelling reasons to consider starting earlier.
When Social Security is just a bonus — not a necessity
Claiming Social Security at age 62 comes with a clear trade-off: your monthly benefits are reduced by up to 30% if your FRA is 67. Many people believe that waiting is a better financial decision because of the permanent reduction. However, that advice is not applicable in all situations.
According to the Federal Reserve, as of 2022, the median retirement savings for Americans aged 65 to 74 was only $200,000 — a small sum for what could be a decades-long retirement. If you are in this group and rely heavily on Social Security to cover basic living expenses, delaying benefits may be the better option.
However, many retirees have saved wisely, invested consistently, and built substantial nest eggs. For these people, Social Security isn’t their primary source of retirement income; it’s supplemental. In such cases, claiming early allows retirees to take advantage of benefits when they are more physically capable of doing so.
For example, in your early 60s, you may want to travel or check off experiences on your bucket list but are hesitant to use your savings. If Social Security isn’t an essential part of your monthly budget, claiming at age 62 could help you fund your dreams without depleting your investments.
Focus on lifestyle, not just the numbers
While it’s easy to focus solely on the reduction in benefits, the bigger picture is important. If you are financially secure, in good health, and want to enjoy your retirement sooner, claiming Social Security at age 62 may improve your quality of life.
Finally, there is no one-size-fits-all solution. The best decision is based on your personal savings, goals, and health. However, don’t dismiss claiming early simply because it’s often regarded as the “wrong” move. For many, it’s the strategy that allows them to live more fully—and with fewer financial worries—in a time when every moment counts.
