Claiming Social Security benefits at 62 may be necessary for some, but not advised for all.

From Nasdaq: 2025-03-30 06:54:00

At age 62, you can start claiming Social Security benefits, but keep in mind that your checks will be reduced by roughly 30% if your full retirement age is 67. Some seniors are advised to wait to claim benefits, but for those with limited savings, claiming at 62 may be necessary to cover expenses. On the other hand, if you have significant retirement savings, claiming early could allow you to enjoy experiences and travel while you’re still able. Consider your financial situation and goals before deciding when to claim Social Security benefits.

The median retirement savings balance for Americans aged 65 to 74 is just $200,000, prompting some retirees to claim Social Security at 62 to supplement their income. If you have ample savings and can afford a reduction in benefits, claiming early could give you the financial flexibility to pursue your dreams and enjoy your retirement. Don’t overlook the potential benefits of claiming Social Security early if it aligns with your financial goals and lifestyle aspirations.



Read more at Nasdaq: Claiming Social Security at 62 Will Shrink Your Benefits. Here’s Why You Should Do It Anyway.