Filing for Social Security early is smart because retirement doesn’t always follow a perfect timeline. Maybe work’s become more of a grind, or you’re just ready to slow down and actually enjoy the days you’ve earned.
While starting Social Security at 62 means a smaller check, getting benefits earlier can offer flexibility and strengthen your long-term financial plan. Here’s how it works.
Full Retirement Age Sets The 100% Benchmark
The Social Security Administration (SSA) defines full retirement age (FRA) as 66 to 67, which depends on your birth year. Filing before the FRA results in a reduced benefit (up to 30% less for people born in 1960 or later), while filing after increases your monthly payout.
For instance, let’s say Maria’s FRA is 67. If she claims benefits at 62, her monthly check could be significantly reduced. But if she waits until age 70, she might receive more each month—potentially making a big difference in her long-term financial security.
Understanding your FRA matters because it’s the baseline for calculating your full benefit.
Early Filing Means Earlier Access To Income
The reduced benefit from filing at 62 seems like a bad deal, but for many, it’s a practical choice.
If you’re ready to leave the workforce or need extra income to cover rising costs, tapping into Social Security earlier helps bridge the gap. It allows you to supplement other sources of retirement income or simply take some financial pressure off your shoulders sooner.
Delaying Boosts Monthly Benefits
Due to delayed retirement credits, your benefits increase by roughly 8% annually until you turn 70 if you wait to file after your FRA.
That growth is tempting, but it’s not a one-size-fits-all win. If your health is uncertain or your life expectancy is average or below, it could take too long to break even by waiting. And for some, 62 is perfect—especially if you’d rather enjoy your more active years without the pressures of work.
Additionally, starting at 62 might mean more total dollars over your lifetime if time isn’t on your side.
Payments Are Made One Month In Arrears
Social Security benefits are paid the month after they’re due. For example, a benefit for July arrives in August.
This minor delay can catch people off guard if they’re counting on that money to pay the bills. Applying up to four months before your start date gives the system time to process your request so your payments begin when you need them.
Spousal And Survivor Benefits Add Another Layer
Delaying Social Security benefits can increase what your spouse receives as a survivor. That said, couples should consider the bigger picture. If one spouse earned significantly more, a delay could mean a higher survivor benefit down the road.
This early claim may lower those future payments, so it’s smart to run the numbers together and weigh short-term comfort against long-term protection.
Consider Your Unique Situation
The ideal time to file for Social Security isn’t the same for everyone. Your health, finances, lifestyle, and goals all factor into the decision. Starting at 62 is a strategic move, but it ultimately depends on your specific situation.
