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When it comes to deciding when to take Social Security benefits, the question most people ask themselves is:

Is it better to take Social Security at 62 or 67?
This is one of the most important decisions you’ll make in your retirement years. It can impact your monthly income for the rest of your life — especially given increasing life expectancies and the rising cost of living.

This article will help you evaluate the advantages and disadvantages of claiming Social Security early at 62 versus waiting until full retirement age at 67. We’ll also look at the personal and financial factors that may influence your decision.

What You Need to Know About Social Security Retirement Ages

Social Security benefits allows you to begin claiming retirement benefits as early as 62, but your benefit amount will be permanently reduced if you file before your Full Retirement Age (FRA) — which, for most people today, is 67. Conversely, if you delay past FRA up to age 70, your benefits will grow even more.

Here’s a quick summary:

• 62 — Earliest claiming age, up to a 30% permanent benefit reduction.
• 67 — Full Retirement Age (FRA), you receive 100% of your Primary Insurance Amount.
• 70 — Latest claiming age for Social Security; benefits increase 8% per year delayed after FRA.
• For a personalized estimate, use the SSA’s Social Security Retirement Estimator.

Taking Social Security at Age 62

✅ Advantages of Claiming at 62

1. Earlier Income
   Starting at 62 gives you earlier access to income. If you need money due to retirement, job loss, health issues, or other personal circumstances, claiming at 62 can provide financial relief.
2. More Total Checks Received
   Claiming at 62 instead of 67 means receiving 60 extra monthly checks over five years. Even if each check is smaller, the cumulative benefit might balance out — especially if you don’t live past your mid-70s.
3. More Time to Enjoy Retirement
   Not everyone will live long enough to see the so-called “break-even age” — the age at which the larger checks you’d receive at FRA or after would catch up to the smaller checks you received starting at 62. Taking your benefit early could mean more active years during retirement.

❌ Disadvantages of Claiming at 62

1. Permanent Reduction in Benefits
   Claiming at 62 can reduce your benefit by up to 30%. For example, if your FRA benefit is $2,000/month at 67, you might only receive around $1,400/month starting at 62. That $600 difference will last for life.
2. Earnings Test Reductions if Still Working
   If you plan to work while claiming before FRA, Social Security has an earnings test. In 2025, the limit is approximately $22,320; every $2 earned above that limit will reduce your benefit by $1. Check the SSA’s earnings test calculator for specifics.
3. Smaller Spousal & Survivor Benefits
   Your Social Security benefit also affects your spouse or survivors. Claiming early lowers spousal and survivor benefits too — so if you have a lower-earning spouse or someone who depends on your income, this is a big factor to weigh.

Taking Social Security at Age 67

✅ Advantages of Claiming at 67

1. Full Monthly Benefit
   Claiming at your FRA (age 67 for most people now approaching retirement) means you receive your full benefit — 100% of what you earned over your working career.
2. Higher Lifetime Benefits if You Live Longer
   People who live into their mid-80s or beyond may receive more money over their lifetime by waiting. Let’s look at a quick example:

Age Claimed	Monthly Benefit	Total Received by Age 85
62	$1,400	$386,400
67	$2,000	$432,000

By age 85, waiting to claim at 67 could net you nearly $46,000 more.

3. Spousal and Survivor Benefits
   By delaying, you also increase the benefit amount your surviving spouse would receive after your death — which is especially important if they rely on your benefit as part of their income.

❌ Disadvantages of Waiting Until 67

1. Delayed Income
   If you need income to cover expenses in your early 60s, delaying can require using up savings, 401(k)s, or other investments. That could expose you to market fluctuations and tax implications.
2. Uncertain Health or Life Expectancy
   If you have health issues or a family history that implies a shorter-than-average lifespan, delaying may mean fewer checks in total.
3. Missing Early Retirement Opportunities
   If you want to enjoy traveling or new experiences earlier in retirement — while you’re physically able — you might value receiving benefits at 62 more than receiving a higher monthly benefit starting at 67.

Factors to Consider When Deciding

1. Your Health and Family History

If you have good reason to believe you’ll live into your mid-80s or beyond, waiting could make financial sense. On the other hand, if you have health challenges, claiming at 62 may help you maximize the total dollars you receive.

2. Your Financial Situation

Do you need the income to live? If so, claiming early could help. But if you have savings and other income sources (pensions, investments), waiting can grow your Social Security benefit — providing a larger, inflation-adjusted income stream for later in retirement.

3. Spousal Benefits and Survivorship

If you’re the higher-earning spouse, delaying up to FRA or 70 can increase the benefits available to your surviving spouse after you pass.

4. Current Employment

If you’re still working and earning substantial income before FRA, early claiming can reduce your benefit due to the earnings test. Waiting until FRA eliminates this issue.

Break-even Analysis

A critical part of deciding is calculating your break-even point — the age at which total benefits received if you wait will surpass what you’d receive if you claimed earlier.

Here’s a simplified example, assuming:

• Age-62 benefit: $1,400/month
• Age-67 benefit: $2,000/month

You’d receive $84,000 ($1,400 x 60 months) in the five years between 62 and 67.
To make up that $84,000 difference with a $600 higher monthly check ($2,000 – $1,400), you’d need 140 months, or about 11.7 years.
That means your break-even age would be approximately 78.7.

If you live past 79, waiting pays off. If not, claiming earlier might yield more total dollars.

Inflation and COLA Impact

Social Security benefits are inflation-adjusted through an annual Cost-of-Living Adjustment (COLA). Waiting to take Social Security benefits means receiving a larger base amount to grow with COLA every year, which can matter enormously as you age and expenses rise.

Real-World Scenarios

Scenario 1: Health Concerns

Mary, 61, recently had a health scare and doesn’t expect to live past 75. Claiming at 62 provides her with income when she can enjoy it most and gives her the most money during her shorter projected lifespan.

Scenario 2: Strong Family History of Longevity

Mark, also 61, comes from a long-lived family — most of his relatives live into their 90s. Waiting until 67 or even 70 could result in a much larger benefit that will support him well into his later years.

There’s no one-size-fits-all answer. The decision of whether to take Social Security at 62 or 67 is highly personal. It depends on your health, financial need, life expectancy, marital status, and goals for retirement.

If you’re not sure which path to choose, talk to a trusted financial advisor or explore tools like the SSA’s Retirement Age Chart and other online calculators. They’ll help you model different options and pick what’s right for you.

And remember — this is a permanent choice. Take your time, do your research, and make sure you feel comfortable before claiming. Retirement is one of life’s most rewarding chapters — you deserve to set yourself up for the most security and enjoyment possible. important thing is to plan carefully so that whichever path you choose matches your goals for a secure and fulfilling retirement.

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