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3 good reasons to take social security benefits at 62


Seniors are often warned not to join Social Security as early as possible at 62 years old. The reason ? This could reduce your monthly benefits for life.

You are entitled to your full monthly allowance, which is calculated based on your salary history, once you reach full retirement age, or FRA. But for every month you deposit before FRA, your benefits are reduced.

Some elderly people cannot afford a blow to their benefits and therefore cancel the idea of ​​claiming social security at 62. But in these situations, filing at 62 makes perfect sense.

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1. You hate your job

Some people postpone their retirement because they love their job and don’t want to stop doing it, even though they can afford to lose their paycheck. But if you are in the opposite boat and hate your job, then there really is a limit to how long you should torture yourself.

Applying for social security at 62 could help you escape a bad work situation, potentially bad for your health and well-being. But that doesn’t mean you should quit this job and stop working altogether. Instead, you can take the opportunity to explore an income-generating opportunity that you don’t despise.

Suppose you’ve always wanted to start a restaurant business, but can’t afford to give up your job in the business and the pay that goes with it. Filing for Social Security at 62 could give you enough money to cover your bills while growing your client list and slowly but steadily starting to earn an income.

2. You worry about your health

Some people enter their 60s with health issues, and if this is the boat you are in, it can unfortunately lead to reduced lifespan. If so, then filing for Social Security at 62 could be a smart financial decision.

Social Security is designed to pay older people the same total amount over the course of their lives, regardless of when they claim benefits. The logic is that claiming early leads to a lower benefit amount but more monthly payments, while waiting leads to a higher benefit amount but fewer monthly payments.

Ultimately, everything should balance out if you live an average lifespan. But if you’re worried that your health issues are causing you to die sooner than the average person, then applying for Social Security at 62 could get you more money out of the program over the course of your life.

3. You want to maximize your good health

Some people are able to stay very active for up to age 70 or beyond. But for the most part, the younger you are, the more likely you are to have energy for things like travel and various hobbies. And that’s why it might pay off to apply for social security at 62. That way, you’ll have cash available to pay for the things you’ve always wanted to do, at a time when you can really enjoy it.

Now, if you are heading into retirement and don’t have a lot of nest egg, this advice may not apply. In this case, you might need a higher social security benefit to meet your living expenses. But if you’ve saved enough for retirement, you might as well use these benefits while you’re in the best position to make the most of them.

The decision to enroll in Social Security is a tricky one, and to be clear, there is nothing wrong with claiming benefits at an age above 62. Rather, the point is that applying for social security is not always a bad choice. Quite the contrary, it could end up being one of the best retirement decisions you’ll ever make.


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