Claiming Social Security at 62 is common but comes with significant drawbacks. Filing early reduces monthly benefits by approximately 30% if full retirement age is 67. While immediate access to benefits is appealing, those with minimal savings may benefit more from delaying their claim. Additionally, individuals in good health with longevity in their families should consider waiting to maximize their lifetime benefits. Understanding your financial situation and health prospects is crucial in making this important decision about Social Security benefits.
It's easy to see why you'd want to get Social Security as soon as you're eligible. But before you make the decision to claim benefits at 62, consider a couple of things.
Filing at a later age makes more sense when you don't have much money saved. An estimated 20% of Americans ages 50 and over have no funds set aside for retirement.
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