Should You Collect Social Security at 62?

Collecting Social Security at 62 is a popular option for many retirees. But is it the best option for you?

Collecting Social Security at 62 can be the right option for some people. Depending on your life expectancy the earlier you start collecting Social Security, the more money you may receive over the course of your retirement. In general those with a lower life expectancy might want to start collecting benefits earlier.  Obviously if you need the money to cover living expenses, collecting Social Security at 62 can be a great option.

However, there are some drawbacks to collecting Social Security at 62. The most significant drawback is that your benefit amount will be reduced. If you wait until your full retirement age, which is typically 66 or 67, you will receive your full benefit amount. Additionally, if you wait until age 70, you will receive an even higher benefit amount.

Another drawback of collecting Social Security at 62 is that you may miss out on other retirement benefits. For example, if you are eligible for a pension or other retirement income, you may not be able to collect it until you reach full retirement age. 

Finally, collecting Social Security at 62 may not be the best option if you are in good health and plan to continue working. If you wait until your full retirement age, you will receive a higher benefit amount and you will not be subject to the earnings limit. Additionally, if you wait until age 70, you will receive an even higher benefit amount.

Ultimately, the decision to collect Social Security at 62 is a personal one. It is important to consider your individual situation and weigh the pros and cons before making a decision. If you need the money to cover living expenses, collecting Social Security at 62 may be a good option. However, if you are in good health and plan to continue working, you may want to wait until your full retirement age or even age 70

There is much written online about when you should start collecting Social Security so you should do your research.  The Social Security website itself has good information and tables to calculate how your benefit amount is affected by taking it at different ages.

Disclaimer:  I am not a financial professional and nothing here should be considered to be financial advice.  For professional advice you should consult a professional.

Note:  This post was compiled with the assistance of an AI.  However it was modified considerably for accuracy and content.  Please see my upcoming post on geraldmorse.com for notes of my experience.