10 Reasons Not to Take Social Security Early at Age 62

Social Security


When it comes to Social Security benefits, many individuals face the critical decision of when to start claiming them. One option available is to begin receiving benefits as early as age 62. While this may seem appealing for some, there are compelling reasons why it may not be the best choice for everyone. In this article, we will explore several crucial factors that should be considered before deciding to take Social Security early. By understanding the potential drawbacks, you can make an informed decision about your retirement strategy.

1. Reduced Social Security Benefit Amount

Claiming Social Security at age 62 will result in a reduced benefit amount compared to waiting until full retirement age (FRA). FRA varies depending on your birth year but is typically around 66 to 67 years old. With every passing year you opt to receive benefits before reaching your Full Retirement Age (FRA), a specific percentage will be permanently deducted from your monthly benefit. This reduction can significantly impact your overall financial security during retirement.

2. Impact on Spousal Benefits

Taking Social Security early not only affects your own benefits but can also have implications for your spouse’s benefits. If you are married and opt to claim benefits at 62, your spouse may receive reduced spousal benefits as well. This can have long-term consequences for both of you, especially if your spouse outlives you and relies on survivor benefits.

3. Earnings Limitations

If you choose to receive Social Security benefits at 62 and continue to work, you will be subject to earnings limitations. For this year, 2023, the maximum annual earnings allowed is set at $18,960. If your earnings exceed this threshold, your Social Security benefits will be reduced by $1 for every $2 you earn above the limit. This can lead to a significant reduction in your benefits, making it less appealing to claim early if you intend to continue working.

4. Impact on Retirement Savings

Retiring at 62 means relying solely on Social Security and any other savings you have accumulated. By not allowing your retirement savings to grow further, you miss out on potential investment gains that could provide a more secure financial future. Delaying Social Security can provide you with additional time to save and invest, making your retirement more comfortable.

5. Longevity Considerations

Another essential factor to consider is your expected lifespan. While it may be tempting to claim benefits early to start enjoying retirement, doing so might not be financially wise if you have good reason to believe you’ll live longer than average. The longer you live, the more beneficial it can be to delay Social Security and receive higher monthly benefits later in life.

6. Impact on Spousal Survivor Benefits

Claiming Social Security at 62 can significantly reduce the spousal survivor benefits available to your spouse if you pass away. By waiting until full retirement age or beyond, you can ensure that your surviving spouse receives the maximum possible benefit to support their financial needs after you’re gone.

7. Medicare Considerations

Upon reaching the age of 65, the majority of Americans gain eligibility for Medicare benefits. If you retire at 62 and are not eligible for other healthcare coverage, you may need to purchase private health insurance until you reach Medicare age. The inclusion of this extra cost may exert financial pressure over the course of those three years, underscoring the importance of prudent planning.

8. Future Financial Needs

Retirement is a phase of life where unexpected expenses can arise. By claiming Social Security early, you might not have enough financial flexibility to handle emergencies or significant expenses that could occur later in retirement.

9. Locking in Decisions

Once you claim Social Security benefits, your decision is generally irrevocable. This means you’ll have to live with the consequences of your choice for the rest of your retirement. Taking the time to evaluate your options thoroughly and consulting with a financial advisor can help you make the right decision for your unique circumstances.

10. Potential Alternatives

Instead of claiming Social Security at 62, consider exploring other retirement income sources, such as tapping into retirement accounts, investments, or part-time work. Assessing all potential income streams can provide a more comprehensive and secure financial plan for your retirement years.


While the option to claim Social Security benefits early at age 62 may seem enticing, it’s crucial to consider the long-term implications carefully. Reduced benefits, potential impact on spousal benefits, earnings limitations, and other factors can significantly affect your overall financial security during retirement. By waiting until full retirement age or beyond, you can maximize your benefits and better ensure a more comfortable and financially stable retirement.


Can I receive Social Security benefits before age 62?

No, 62 is the earliest age at which you can begin receiving Social Security benefits.

Will my benefits increase if I wait past full retirement age?

Yes, your benefits will continue to grow until age 70 if you delay claiming beyond full retirement age.

What happens if I change my mind after claiming benefits at 62?

Generally, you have 12 months to withdraw your Social Security application, but you must repay all benefits received.

Is it permissible to work while simultaneously receiving Social Security benefits?

Indeed, it is feasible, yet there are constraints on earnings should you choose to claim benefits before reaching your full retirement age.

Is it possible to receive both Social Security and a pension?

Certainly, it is possible to receive both benefits, but the taxation of your Social Security payments could be influenced by your total income.

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