Retirement Social Security

The One Time Claiming Social Security at 62 Is Almost Always the Right Call

Claiming Social Security early will slash your checks, but you shouldn't assume that's a bad move off the bat.

By Maurie Backman , Edited by Laura Hohenstein

Updated Oct. 26, 2026

Add Us On Google

Social Security is one of those senior benefits retirees tend to need. Without Social Security, a lot of older Americans would struggle to make ends meet.

That's why it's so important to claim Social Security at the right time. Though your monthly benefits are calculated based on your earnings history, your filing age also plays a role in how much money you get to collect each month.

Claiming Social Security at 62, the earliest age to file, results in reduced benefits for life, but filing at 62 is generally the best choice in this specific situation.

Get a protection plan on all your appliances

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.

A home warranty from Choice Home Warranty could pick up the slack where insurance falls short.

For a limited time, you can get your first month free with a Single Payment home warranty plan.

Get a free quote

How claiming Social Security at 62 might slash your checks

You're eligible for your monthly Social Security benefit without a reduction at full retirement age (FRA), which is 67 for anyone born in 1960 or later. If you claim Social Security at 62 with an FRA of 67, you're looking at a 30% reduction. This means that if your FRA benefit is $2,000, you'll get $1,400 a month instead.

That reduction might sting over time, especially if you don't have income to supplement your Social Security checks. And remember, smaller benefits mean each time there's a cost-of-living adjustment, your raise will be smaller on a dollar basis.

Shopping for cheaper auto insurance? Enter your zip code here to get started.

The scenario when claiming at 62 is a smart financial move

Claiming Social Security at 62 is guaranteed to reduce your benefits on a monthly basis. But you may not end up with less lifetime income from Social Security. And if you have health problems and do not expect to live a long life, claiming Social Security at 62 could be a very smart decision.

Let's say your FRA benefit of $2,000 is reduced to $1,400 a month. If you only live until age 75, you'll end up with $192,000 in total Social Security by filing at 67, compared to a total of $218,400 by filing at 62. That's a difference of $26,400.

The reason you're coming out ahead here is that you're getting benefits for an extra 60 months. Those extra payments are enough to offset the reduction in each month's check.

And remember, the shorter you expect your lifespan to be, the more an early Social Security claim could pay off. The difference between filing at 67 versus 62 would be greater, for example, if you only live until 72. In that case, you'd get even more Social Security by taking benefits as early as possible. So difficult as it may be, you do need to be realistic about your health when making this decision.

Other times when an early Social Security claim could pay off

It's not just poor health on your part that makes claiming Social Security at 62 a smart move. You may also want to file for benefits early if you've saved well for retirement, can afford reduced checks on an ongoing basis, and want to use your Social Security for a near-term reward.

That reward could be getting to travel while your health and mobility still support it. It could mean getting to retire from a job that's making you miserable, or from a job that's fine so you can focus on helping to provide care for a family member. As long as you can afford the reduced benefits, filing at 62 can be a smart move.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today— because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up to 25% off your AARP membership, making it just $15 the first year with auto-renewal.

Your spouse may be the wild card factor

Before you decide to claim Social Security at 62 because of your health and life expectancy, don't forget about survivor benefits. If you're married and are the higher earner in your household, your spouse should be eligible for survivor benefits from Social Security if you pass away first. Those benefits will be the equivalent of the monthly checks you collected.

If you file for Social Security at 62, you won't just slash your own benefits. You'll also reduce your spouse's survivor benefits. Make sure to factor that into your claiming decision, because it could make sense to file for Social Security at a later age even if it means getting less income from the program in total yourself.

Bottom line

Even if you have some money saved, Social Security may end up being a big part of your retirement plan. So it's important to try to file for benefits strategically.

Many financial experts will insist that claiming Social Security at 62 is a dangerous move, since it automatically results in smaller monthly checks. And if you don't have the savings to make up for reduced benefits, you might struggle for many years.

But if you don't expect to live a long life, filing at 62 could put more Social Security in your pocket in total. Just make sure not to forget about your spouse when deciding when to sign up. If you think they'll need to rely on survivor benefits, waiting past 62 to file could be a better move, even if it results in less lifetime Social Security for you.

More from FinanceBuzz: