When to Claim Social Security Early: Making the Right Choice for You

Ask any financial advisor, and they’ll likely suggest waiting until full retirement age to claim Social Security. The reason is simple: waiting means bigger monthly checks for the rest of your life. Currently, for people born in 1955 or later, the full retirement age is 67. For those born earlier, it’s 66. But what if you need or want to claim earlier, as soon as age 62? There are situations where taking Social Security early might make sense.

When Necessity Calls
One of the top reasons to claim Social Security early is necessity. If you find yourself in a situation where you can no longer work—maybe due to health issues or other challenges—it might make sense to take those benefits early. According to Mass Mutual, this is especially true if you have a shortened life expectancy or are struggling to make ends meet. For many people, waiting until age 67 isn’t an option.

Some people might also consider taking benefits early if it helps them stay out of debt or cover necessary bills. In this case, you could even claim and then suspend benefits later if your situation improves, allowing you to grow your benefit still a bit after that tough period passes.

Claiming Early for Positive Reasons
Claiming early isn’t always just about getting through tough times. There are some positive reasons, too:

• You Don’t Need the Money: If you’re lucky enough not to need your Social Security for living expenses, you could use it to do something meaningful, like supporting a charity or helping loved ones.
• Working Part-Time: If you’d like to keep working but only part-time, Social Security can help make up for a reduced income. Remember that by claiming early, your benefits will be reduced for life.
• Coordinating with a Spouse’s Benefits: If you have a solid financial plan with your spouse and one partner is eligible for a much larger benefit, the lower-earning spouse could claim early. This lets the higher earner continue working or delaying their benefits, which allows their future benefit to grow. This strategy can help maximize what you receive as a couple over the long term.

Things to Consider
While there are reasons to claim Social Security early, knowing the long-term impact is important. If you take benefits at age 62, you’ll receive reduced monthly payments for the rest of your life—usually about 30% less than waiting until full retirement age. If you wait, it’s a trade-off between getting money sooner versus getting more each month.

Ultimately, deciding when to claim Social Security is very personal and depends on your health, financial needs, and long-term goals. If you’re considering claiming early, make sure to weigh your options carefully. While waiting until full retirement age is often the best financial move, life doesn’t always fit perfectly into a financial plan. Sometimes, taking benefits early is the right choice for you and your family.