You’ve hit 62, and suddenly, Social Security is knocking at your door, waving a check. Tempting, right? But before you cash in and plan that RV road trip, there’s a bit to unpack. So, let’s break down the perks, the pitfalls, and the fine print to help you decide if now’s the time to say, “Check, please!”
Benefit: You Start Building Income Without Delay
Taking Social Security at 62 gives you access to consistent income right when you might need it most. Starting benefits early offers a reliable foundation while everything else shifts. That monthly check can be the difference between holding on and falling behind.
Drawback: Triggers The Earnings Penalty
Think twice if you plan to work while drawing Social Security at 62. The program has income limits for early filers. Earn above those limits, and your benefits get trimmed. The more you make, the more they cut back, and those reductions can feel like penalties for staying productive.
Benefit: Stretches Your Nest By Delaying Withdrawals
Claiming benefits early can take pressure off your retirement accounts. Every dollar from Social Security is one less dollar pulled from your 401(k), IRA, or personal investments. If your retirement savings are carefully planned to last, keeping them intact longer can be a smart move.
Drawback: Locks In A Lower Monthly Check For Life
Start collecting Social Security at 62, and you’ll permanently receive a smaller monthly check than someone who waits. This decision follows you for the rest of your retirement. The system calculates your benefit based on your age when you claim, and claiming early means permanently reduced monthly benefit.
Benefit: Gives Yourself More Control Over Work Transitions
Stepping away from full-time work isn’t always a grand, planned exit. That’s why starting Social Security at 62 helps you manage those transitions with dignity and choice. You’re no longer forced to say yes to every freelance gig or short-term contract just to pay the bills. Instead, you can ease into part-time work.
Drawback: Sacrifices Your Annual Benefit Boosts
Every year, Social Security benefits receive cost-of-living increases to help offset inflation. But here’s the catch: those increases build on your current payment. If you start with a smaller amount at 62, your future raises will also be smaller. Over time, the difference between an early claim and a delayed one grows wider.
Benefit: Supports Spousal Planning With Strategic Timing
In couples, retirement planning is rarely just about one person’s choices. When to claim Social Security affects how income flows for both of you. That is when an early start can create breathing room while a spouse continues to work or support a lower-earning partner.
Drawback: Forfeits Valuable Delayed Retirement Credits
Waiting beyond your full retirement age earns you what’s called delayed retirement credits—essentially, a higher monthly benefit just for holding off. These credits create a meaningful difference in your income later on. Claiming at 62 shuts the door on those gains, and you lose the opportunity to let your benefit grow while you wait.
Benefit: Unlocks Travel And Activity While You’re Healthier
The dream of retirement often includes experiences, exploration, and connection. Claiming at 62 can give you the extra income to chase those dreams while your health and mobility still support them. If your idea of retirement includes making the most of each day, early claiming becomes a doorway to possibility.
Drawback: Limits Your Options During Market Downturns
When markets dip, and investments take a hit, a higher Social Security benefit can act as a safety net. Claiming early gives you less flexibility to ride out downturns without selling assets. You lose income stability right when you may need it most. Early claims also reduce your buffer during tough economic stretches.
