Should I take social security income at age 62?

As individuals approach retirement, one common question arises: Should I take Social Security benefits at the age of 62? While there's no one-size-fits-all answer, this decision requires careful consideration. Let's discuss the factors to consider when contemplating an early claim for Social Security benefits and provide insights to help you make an informed decision.

Early Retirement Benefits:

At the age of 62, individuals become eligible to claim Social Security benefits. However, it's important to understand the implications of an early claim. While you'll receive monthly income earlier, the benefit amount will be permanently reduced compared to waiting until full retirement age (FRA). For each year before FRA that you claim benefits, the amount is reduced by a certain percentage. Therefore, if financial necessity is not immediate, delaying benefits can result in a higher monthly payout in the long run.

Financial Considerations:

One crucial factor to evaluate is your financial situation. Assess your overall retirement savings, other sources of income, and anticipated expenses. If you have sufficient savings or alternative income streams to cover your needs until FRA or beyond, delaying Social Security benefits may be advantageous. On the other hand, if you face financial constraints or have health concerns that may impact your lifespan, an early claim could provide necessary support and improve your quality of life during retirement.

Personal Factors and Longevity:

Consider your personal circumstances when deciding to claim Social Security at age 62. Assessing your health, family longevity, and plans for retirement is crucial. If you have reason to believe that your life expectancy may be shorter than average or if you intend to retire early and enjoy your golden years while you're still active, claiming benefits at 62 may align with your goals. Conversely, if longevity runs in your family or you foresee a longer retirement period, delaying benefits can offer greater financial security in the later stages of retirement.


Deciding when to take Social Security benefits at age 62 requires careful evaluation of financial, personal, and longevity factors. Weigh the advantages of immediate income against the potential long-term benefits of delaying. Consult with a financial advisor to analyze your unique circumstances and determine the best course of action to secure a comfortable retirement. 


About This Article

The information provided in this article serves as educational material and should not be construed as financial, tax, or legal advice. This content is brought to you by, a website operated by The Independent Adviser Corporation. With a history dating back to 1998, it has supported countless individuals, families, and businesses by offering access to educational resources and a network of experienced Fee-Only financial advisers, accountants, and attorneys. Free consultations are always available. Schedule your consultation today at or explore the only toll-free directory of Fee-Only professionals at, the only toll-free platform of its kind. For more details, see its Privacy Policy and Terms of Use, Legal Notice and Disclaimers.