Claiming Social Security at 62 has long been the most popular age to file…but things are starting to change. In fact they’ve been changing over the past several years and now the data is becoming more clear that fewer people are filing at 62. In this video I’ll tell you three reasons why we are seeing these changes and share some thoughts with you that may help you make a more informed decision about when to file.
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✔The Most Important Factors to Consider BEFORE You File for Benefits
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✔Why This Is The Biggest Decision of Your Retirement
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⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government . I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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Social Security at 62: How Filing Ages are Changing
Social Security is a government program that provides financial support to retirees, disabled individuals, and surviving spouses and children of deceased workers. For years, the age at which individuals could begin receiving their Social Security benefits was generally set at 65. However, the landscape is changing, and many people are opting to start receiving their benefits at the age of 62. So why is this shift occurring, and what are the implications of filing for Social Security at 62?
The most significant reason for the change in filing ages is people’s desire for financial stability and the ability to retire early. Many individuals may prefer to start receiving their Social Security benefits at the age of 62 so they can enjoy their retirement years without worrying about income. This is especially relevant for individuals who have physically demanding jobs or want to spend more time with their families.
However, filing for Social Security benefits at 62 comes with some downsides. The most significant drawback is that starting benefits early will result in a reduced monthly benefit amount. The reduction is a consequence of receiving benefits for a longer period of time. Social Security is designed to provide individuals with a larger monthly benefit if they wait longer to claim it. The general rule is that individuals will receive their full benefit amount if they wait until their full retirement age, which is currently between 66 and 67, depending on the year of birth. Claiming benefits at 62 can result in a permanent reduction of up to 30% compared to the full retirement age benefit amount.
Another factor influencing people’s decision to file for Social Security at 62 is uncertainty about the future of the program. With talk of potential changes to Social Security, some individuals may be concerned that the program’s financial status could worsen or that benefit amounts may be reduced in the future. Filing early ensures that they can at least secure some benefits before any potential changes take effect.
However, it is essential to consider individual circumstances before deciding to file for Social Security at 62. Those who are in good health, have other financial resources, or plan to continue working may find it beneficial to wait until full retirement age or beyond to claim benefits. In addition to the reduced monthly benefit amount, there are also potential implications for individuals who are still working while receiving Social Security benefits at 62. For those who earn above a certain limit, their benefits may be subject to an “earnings test” that reduces their benefit amount temporarily.
Ultimately, the decision of when to file for Social Security benefits is a personal one that should be based on individual financial goals, health status, and other sources of income. Seeking advice from financial professionals or utilizing online tools provided by the Social Security Administration can be indispensable in making an informed decision.
As filing ages continue to change, it is crucial for individuals to assess their financial situation thoroughly. Understanding the implications of starting Social Security benefits at 62, such as the reduced monthly amount and potential earnings restrictions, can help individuals make the right choices for their retirement planning.
Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” https://www.devincarroll.com/SSessentialsonlineworkshop
We don't live long in this family. I am taking it early. The republicans should not mess with it. Raise the income bracket that you pay taxes into it. That would fix it.
Collecting at 62 is very foolish. Why accept a puny check???
The reason for higher filing is that more people are on Medicare disability…and they can stay on this until their full retirement age .FRA
I am going to retire at 62. F working myself to death,,,,,,,,
I always hear of low funding in the program but also i had a question if what happens to people who work and never collect and collect less then they pay in .
I want to collect SS at 62, but I don't want a tiny check. Suggestions?
Please define working longer. 20 years 30 years 40 years? How long is enough?
At 66 what I'd my limitations. Of earnings
We're only working longer because nobody can survive on SS.
If we needed to, we'd take social security at 62 in a heart beat. But we don't so we'll wait. My husband's family parents, aunts, and uncles lived to around 100, so he's taking social security at 70. My family tends to die around 90, so I'll probably take it at 67. If we die before the break even point, I doubt we'll regret it (because we'll be dead.)
If you smoke and you are overweight, then take SS at 62.
The average SS payment for a 66 year old today is only $1489 per month. Why would anyone collect before they are 70? Why the rush to collect a small check?
The average SS check at 71 is $1,679. Why so low? The foolish people who collected at 62 are pulling the average down.
If you need the money take SS at 62. If you had some success while working you can wait until 70 and get a larger check
I waited until 70 to collect my SS, and I am getting almost $4,000 a month! For me it was worth waiting, and I do not regret this for one second! I also get a traditional pension, have nice retirement savings, and rental income. I am still afraid to end up penniless and homeless in old age—go figure!!
I worked mostly for cash. What do I need to do to collect SS?
According to the SSA website if I wait until 70 to collect SS my monthly check will be will be $4,719 per month. If I wait longer will the check be larger?
America want's people to work longer.
Please remove this video. SS should be collected at 70.
If I am on ssi and will claim early retirement at 62 and my retirement amount shows i will get more than ssi, will my ssi be discontinued and replaced by the retirement age 62? Could you please comment and tell me how that works? My situation?
I'm in my late 50's and have never seen what I see today. People working until they are 70 (or showing up I should say). They are in wheel chairs, many carrying oxygen bottles or wearing medical aids of some sort; many even wearing diapers. WHY? Not because they don't want to retire, they can't afford to retire. So many work today and die before ever collecting a dime from SS. SS has become the politicians bank account. If you work, you pay into it. If you die; Bye ,Bye, thanks for your money! I paid in $144,000 so far and I doubt I ever see a dime?
Excellent presentation! Especially the history. The original reasons for early SS retirement, is for people who are employment or earnings limited, and need the income right away. Personally, I am very fortunate. I am still working at 66, and am at the height of my lifetime earnings. I could not take the early SS and continue to work, because, under the rules, my SS payout would be reduced to zero before full retirement age.
there is another democrat in the white house, so many of us see our jobs move out of the country, . recent trend is mexico the trends are going to shift again to 62. I'm 62 engineer, can't even get any company to talk to me. have no choice but social security
With all the people waiting till 67 to 75 and dying before even receiving a penny of your money back, you would think SS would have no problems and excess balances to pay better early. Waiting till age 67 would have taken me 12 years to make up the balance between retirement at 62 or waiting till 67, so, I would be 79 before I would realize the balance total.
Whst a synical way to keep people working for as long as possible.
Lol how long do the recipients draw their social security before dropping dead….not long.
BS they are down simply due to people working longer only .
So funny is the average fireman can retire at 50 but the taxpayers that pay his salary do at 70 geez
Every older person I know around me filed at 62. But I can understand why some may wait till 67. They need a full check just to survive. Even before covid, inflation over the years have not keep up with the income so people are forced into working longer
I had planned to retire at 62 a lot in part because of health reasons and wanting to have some retirement time to enjoy, and I figured out how I would live on 75 to 80 %. Now that the age has been raised to 67 I NOW have to work till 64 to make the same amount. So basically, the Feds screwed me! And I have to SPEND two more years of my LIFE working instead of enjoying the fruits of over 40 plus years of labor.
I am a retired teacher in Texas, so because most school districts opt out of having SS taken out, i will lose about half of the amount of my social security from work before I became a teacher due to the WEP (windfall elimination provision)……really sucks. It's basically a penalty for our district not paying into social security….which I had no say in.
They are trying to kill all the old people with the big pharma push of drugs. Might as well get the most you can get back in the short time we have left.
I have a decent work / life balance. Have enjoyed a lot of travel and many miles of motorcycle adventures. I will continue working until I physically or mentally can't, or a point where I will make enough in retirement to continue my lifestyle. Not sure I will make it to 70 or even 67, but definitely aiming for 65 when I can go on Medicare.
The chart was eye opening though. Never realized so many took SS at 62, but then it makes sense for those with pensions. Very few have pensions these days.
I turned 61 this year and don't plan on filing for SS before age 65. I'm a software engineer and have been working for a pretty decent company for the last 12 years. I'm in a great financial position and am planning on doing some real estate investment, so will probably file for SS once my company decides to down-size me.
In every article about the low unemployment rate, people complain about the labor participation rate, but you're saying the opposite… hurt feelings instead of facts?
Hard to retire at 62, which traditional health insurance at 65% of my Soc. Sec. At 62. Or a Share health insurance will take 33% of my Soc. Sec. This is the only reason 62 does not make sense…..
Help save social security, work until you die! It all depends on your circumstances and financial state. Get out of debt before you retire.
Fewr people are living until 62,obesiety and processed foods,welfare,lazy and now idiots that took the jab arent going to make it to SS age.
SS is a negative investment. Its a scam.
Since men live shorter lives shouldn’t there be a difference between full retirement age between men and women?
They can’t afford to because life costs to much.