Claiming Social Security at age 62 is a common strategy because it provides the highest payouts. In addition, it can reduce the size of their inspections by up to 30%.
This is because the government penalizes recipients for each month they claim benefits before reaching their full retirement age (FRA), which for modern workers ranges between 66 and 67.
However, this does not mean that filing a claim early is always a bad idea. It’s frequently the right decision in three critical situations.
These 3 types of people should apply for Social Security at the age of 62
Benefits cannot be postponed
Every month that you wait to file for Social Security benefits, your payout increases. This is not restricted to your FRA. You continue to grow your checks until you reach the age of 70, when you are eligible for the maximum benefit.
This allows you to receive up to 32% more per check than you would at your FRA, but you must forego benefits for eight years to be eligible. Having a job that pays consistently until you’re ready to apply, or having a large personal savings account, may make it possible.
People without other sources of income, on the other hand, may have no choice but to file early Social Security claims. It is still preferable to incur debt, even if it reduces your lifetime benefit. You should prioritize your current financial security, even if larger checks in the future are desirable.
Your life expectancy is short
Although you must also consider your life expectancy, delaying benefits often results in a larger lifetime benefit. Delaying typically benefits people who will live into their mid-80s or later; those with shorter life expectancies should apply sooner.
Applying before FRA or as early as age 62 allows you to receive as many checks as possible while you are still alive, particularly if you have a terminal illness or a poor personal or family medical history.
Nonetheless, you should be aware that filing too early will reduce the survivor benefit to which your dependents are entitled after your death if they rely on your income. If you are concerned about this, you can wait.
You are the spouse with the lower income
One common strategy used by couples to maximize their household’s Social Security benefits is for the spouse with lower earnings over their career to file for Social Security at age 62. The couple can use these benefits to supplement their income while the higher earner waits to qualify for larger checks.
If the spousal benefit is greater than the retired-worker benefit the lower earner received prior to signing up, they may switch. One-half of the earning partner’s FRA eligibility may be for spousal benefits.
The lower earner may switch if the spousal benefit exceeds the retired worker benefit that the higher earner was receiving prior to enrolling. For spousal benefits, the higher-earning partner may be entitled to half of their full retirement age (FRA).
It is useful to know when you intend to apply for Social Security, even if it is decades away. Decide on a provisional claiming age now and adjust it as you near retirement.
How much money do beneficiaries earn from Social Security?
According to the Social Security Administration’s current guidelines, beneficiaries of the retirement, survivor, and disability insurance (RSDI) and Supplemental Security Income (SSI) programs will receive the following payments this year:
| Retirement benefits | 2025 |
| Average | $1,976 |
| 62 years old | $2,831 |
| 65 years old | $3,374 |
| 66 years old | $3,795 |
| 67 years old | $4,018 |
| 70 | $5,108 |
| Survivor benefits | 2025 |
| Older spouse | $1,832 |
| Widowed parent and two qualifying children | $3,761 |
| Aged Widow(er) Alone | $1,832 |
| SSI benefits | 2025 |
| Individuals | $967 |
| Couples | $1,450 |
| Essential person | $484 |
