Deciding when to claim Social Security benefits is one of the most important financial choices retirees face. While waiting until full retirement age (typically 66 or 67) or even 70 can result in higher monthly payments, more than one-third of Americans choose to start claiming at age 62—the earliest eligible age. Why?
Here are ten smart, practical reasons why claiming Social Security at 62 might be the right decision for some individuals.
1. Health Concerns or Shortened Life Expectancy
If you’re facing chronic health problems or have a family history of shorter lifespans, claiming benefits at 62 ensures you begin receiving payments while you’re still able to enjoy them. The Social Security Administration (SSA) does not penalize for early death; thus, if your life expectancy is below average, you could receive more overall by starting early.
Learn more about how benefits are calculated
2. Immediate Financial Need
For many people, continuing to work past 62 isn’t an option. Layoffs, physical limitations, or caregiving responsibilities might make early retirement the only path. If you lack other sources of income or savings, starting Social Security early provides a crucial financial lifeline.
Eligibility and benefit details available on the SSA website
3. Debt Repayment
Using Social Security income to pay off high-interest debts—such as credit cards or personal loans—can improve your financial situation and peace of mind. The earlier you start tackling debt, the more manageable your retirement becomes.
4. Unemployment or Difficulty Finding Work
Job loss in your 60s can be especially difficult to recover from, particularly in industries where age discrimination may play a role. Claiming Social Security benefits at 62 may be the best way to cover basic expenses when reemployment is unlikely.
Read more about unemployment resources for older Americans
5. Enjoyment of Life While You’re Still Young
Some individuals prefer to prioritize quality of life and travel while they’re physically able. By claiming Social Security at 62, you may have more energy and time to pursue hobbies, volunteer, travel, or spend time with family—things that may not be possible later.
6. Coordinating With a Spouse’s Benefits
Married couples can maximize household income by staggering when each spouse claims benefits. For example, one spouse might claim early while the other delays until full retirement age or 70 to secure a higher survivor benefit.
Explore strategies for couples on SSA’s website
7. Doubts About Social Security’s Long-Term Solvency
Some retirees worry that Social Security could change in the future—through benefit cuts or increased eligibility age. While experts believe the system will continue to operate, albeit with possible adjustments, claiming at 62 gives you peace of mind that you’re getting what you’ve paid into the system.
Read the latest Social Security Trustees Report
8. Lower Lifetime Earnings
If you’ve earned below-average wages throughout your career, Social Security replaces a higher percentage of your income. For low-income workers, the difference between claiming at 62 and 67 may not be substantial in dollar terms, making early claiming a reasonable decision.
Check your estimated benefit using the SSA Retirement Calculator
9. No Dependents Relying on Survivor Benefits
If you’re single or without dependents who would benefit from delaying your claim (such as a spouse or minor children), you might not gain much from waiting. Starting earlier ensures that you get the most out of the system for yourself.
10. Personal Preference and Control Over Retirement
Ultimately, retirement is deeply personal. Some people prefer having control over their income streams and retirement timeline. If claiming at 62 fits your vision for retirement and you’ve weighed the pros and cons, then it may be the right choice.
Final Thoughts
Claiming Social Security at 62 is a valid option for many Americans, despite the monthly benefit being permanently reduced—about 30% less than what you’d receive at full retirement age. The decision should be based on personal factors such as health, financial stability, family considerations, and employment prospects.
Before making a final decision, consider using official tools like the SSA Retirement Estimator and speaking with a financial advisor. Knowing your options and understanding your personal situation can help you make the smartest decision for your future.
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