5 Reasons You Should Take Social Security At 62 (and 5 Reasons You Should Wait)

Senior couple focusing on digital tablet and physical documents while planning home budget — (Image credit: Getty Images)

Do the reasons to take Social Security early at age 62 outweigh the advantages of waiting? Maybe, but only under certain circumstances.

This year, as part of the ongoing 'Peak 65,' millions of baby boomers will turn 65, following the record 4.18 million who reached that age in 2025, the highest single-year surge ever. This wave will dramatically increase the population age 80 and older and intensify the strain on the Social Security system, which depends on contributions from a shrinking pool of current workers.

Although experts agree it's often better to wait to claim your Social Security benefits, many Americans opt to take them early.

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At the end of 2025, about 45.6% of men and 54.4% of women collected Social Security from age of 62 to 69, according to the Social Security Administration. Slightly more than 36,000 took Social Security from age 70 to 84, while nearly 6,400 didn't take it until they turned 85 or older.

As of July 2026, roughly 1.2 million more retired workers are on the rolls than at the start of 2026.

What is the best age to file for benefits, and when does it pay to take them early? Should you claim as early as age 62?

Maybe, or maybe not.

1. Health issues

You're eligible to collect your full retirement benefit — 100% of the amount you’re entitled to based on lifetime earnings — at your full retirement age (FRA). Full retirement age varies by birth year.

If you were born in 1960 or later, your FRA is age 67 and will be reached starting in November 2026 and after. If you were born in 1959, your FRA is age 66 and 10 months, reached in November 2025 and after. If you were born in 1958, your FRA is age 66 and six months, and you would have reached it starting in November 2024.

However, if you’re in poor health and fear you won’t reach full retirement age, you might decide to take your benefits early instead. This might be an easier decision if you’re single and don’t have to worry about the impact on your surviving spouse.

2. You no longer need or want to work

Full-time employees in the U.S. have been working fewer hours per week since 2019. In 2024 (the most recent Gallup figure), they reported an average of 42.9 hours per week, down from 44.1 in 2019. If you have a physically taxing job, that workweek might feel even longer.

According to the Transamerica Center for Retirement Studies’ 2025 retiree survey (PDF), 52% of retirees left work sooner than planned. Newer 2026 studies show the same pattern: 46% in the EBRI/Greenwald Retirement Confidence Survey (PDF) and 59% in a Society of Actuaries report (PDF) (reported by USA Today). The reasons vary and often include job loss, health issues, family caregiving and unexpected life events.

The OECD’s 2025 Employment Outlook (PDF) found that older workers, 50 and up, still face tough conditions, with 50.3% in physically demanding jobs and 54.2% exposed to environmental hazards. U.S. data cited in that report show 55.5% of workers ages 50 to 71 facing physical risks at least a quarter of the time.

If that describes your job, it might no longer make sense to stay on, and you may choose to draw Social Security early.

3. You need cash now

The rising cost of living might be the only reason you need to claim your Social Security benefits early. In the Great Recession of 2008 to 2009, nearly 36% of eligible men and 39% of eligible women claimed benefits at age 62 for one simple reason — to pay the bills.

Social Security Administration data from 2025 show that about 31% of eligible senior citizens claimed benefits at age 62 in 2024, indicating ongoing financial pressures.

The 2026 cost-of-living adjustment (COLA) of 2.8% fell short of covering rising costs for essentials such as housing, healthcare and groceries. For 2027, the Social Security COLA forecast dropped to 3.5%, despite persistent inflation. (The official COLA number will be announced on October 14.)

This can lead some retirees to claim benefits early, even though doing so means a permanent reduction of their lifetime income.

Surprisingly, most Americans plan to claim Social Security early, despite the long-term cost. Schroders’ 2026 U.S. Retirement Survey shows that only 10% of non-retirees plan to wait until age 70 to maximize their benefits. The main reasons for filing earlier are financial need (45%), wanting the money right away (43%) and fear that the system will run out of money (40%).

Meanwhile, the cost of retirement is proving to be a surprise, with nearly half of current retirees saying their expenses are higher than expected.

4. You need to cover expenses and get out of debt

Your current living expenses could surpass your Social Security benefit amount, so you decide to take your benefits early because you can’t wait for a larger payout later. Or you’re drowning in debt, and taking benefits now will help. You might also feel you could do better by collecting your benefits early and investing that money.

While that might appear logical, your investment must beat the 3% to 8% guaranteed return on your money that Social Security provides if you retire at full retirement age.

5. You're afraid benefits will dry up

The world is changing, and you might fear that Social Security will run out of money around the time you reach full retirement age. You're not alone.

According to the 26th Annual Retirement Survey by Transamerica Center for Retirement Studies (PDF), 72% of non-retirees are concerned that Social Security “will not be there for me” when they're ready to retire. This number is even higher (75%) for women. Overall, fears of cuts in Social Security benefits are high (87%), with most anticipating reductions.

This fear is real, and even if you understand you’ll receive a larger benefit if you delay claiming Social Security, fear can be a driver in making important decisions. If this is you, claiming benefits early might be the practical thing to do.

An older man has his hand on the side of his face and head tilted like he's embarrassed to be asking.

In contrast to all the reasons to take Social Security early, there are also several reasons to wait.

1. Benefits are permanently reduced

You can start taking Social Security retirement benefits as early as 62. But if you do, your benefits will be reduced by 30%. That means you'll receive just 70% of your full retirement benefit every month for the rest of your life.

The good news: If you claimed your benefit early and have changed your mind, you have a narrow window to stop and restart Social Security benefits.

2. Smaller cost-of-living adjustments

By taking your Social Security benefit early, you'll receive a smaller monthly benefit than if you wait until your full retirement age. You'll also get less from future Social Security cost-of-living adjustments (COLA).

For instance, the earnings limit for people who have not reached their "full retirement age" in 2026 is $24,480.

On the other hand, the earnings limit for people reaching full retirement age in 2026 is $65,160.

3. Penalty for working

The money you earn from a job before reaching full retirement age can affect your Social Security benefits. In 2026, Social Security deducts $1 from benefits for each $2 earned above $24,480.

If you reach your full retirement age during the year, Social Security deducts $1 from benefits for each $3 earned more than $65,160 until you reach your full retirement age. Although you'll get your money back after you reach full retirement age, you won’t have as much to spend in the meantime.

4. Maximizing spousal benefits

If you’re married, you might want to consider how claiming Social Security early will affect your spousal benefits. First, when you file for retirement benefits, your spouse is typically eligible for a benefit based on your earnings, which can be half of your primary benefit amount — depending on your age at retirement. If your spouse begins receiving benefits before "full retirement age," they'll receive a reduced benefit.

5. Diversifying your income

If you have other retirement accounts, such as a 401(k) or IRA, and delay taking Social Security, these accounts become the primary source of income in the early years of retirement.

Your Social Security will grow — your benefit increases each year you delay, up to 8% per year when you postpone beyond your FRA — and you'll have more flexibility in how you manage your overall retirement savings.

What taking benefits at 62 might mean to you

When it comes to Social Security, there are pros and cons to taking benefits early.

Taking benefits early can help you cover expenses now, particularly if you're not in the best of health. However, Social Security is not meant to replace the income you earn from a job. Social Security benefits typically only amount to about 40% of your average earnings, and if you file early, you’ll be permanently locked into a lower benefit.

One last thing: Before making any final decisions about taking your Social Security benefits early or postponing them until 70, consider consulting with a financial adviser who can help you determine the best option for your financial needs.

For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.