Conventional planning suggests you should not take your Social Security at 62…however, if you know the ins & outs and check the numbers, it may be beneficial. In this video I discuss 5 reasons you may want to take your Social Security at age 62.

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5 Reasons to Take Social Security at Age 62 ⏩
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5 Reasons to Take Social Security at 62

Social Security is a government program that provides financial support to individuals during their retirement. While the age at which you can start receiving Social Security benefits is 62, there is a lot of debate about when it is actually the best time to start taking them. Many financial advisors suggest waiting until your full retirement age, which is typically between 66 and 67, or even delaying until age 70 to maximize your benefits. However, there are some compelling reasons why taking Social Security at 62 can be a good choice. Here are five:

1. Early Retirement: One of the main benefits of taking Social Security at 62 is the opportunity to retire early. If you have reached a point in your life where you are ready to stop working and enjoy your retirement, starting to receive Social Security benefits at 62 allows you to do just that. You can start enjoying your newfound freedom and have more time to pursue hobbies, travel, or spend time with loved ones.

2. Uncertain Health: Another reason to consider taking Social Security at 62 is if you have concerns about your health. Although it is impossible to predict the future, if you have a family history of health issues or face health challenges yourself, starting to receive Social Security benefits earlier can provide you with a safety net. It ensures that you have a source of income to cover your expenses and medical bills if your health deteriorates.

3. Immediate Need: Sometimes, unexpected financial circumstances arise, making it necessary to access Social Security benefits immediately. Whether it is due to a job loss, a sudden increase in medical expenses, or other unforeseen events, taking Social Security at 62 can give you the financial stability you need. While the monthly benefit amount will be lower compared to waiting, it can be a lifeline in times of financial hardship.

4. Lower Lifetime Earnings: If you have had a career with lower lifetime earnings, taking Social Security at 62 may provide you with a higher replacement rate of your pre-retirement income. The Social Security Administration calculates your benefits based on your average indexed monthly earnings (AIME). If your earnings have been lower than average throughout your career, delaying benefits may not significantly increase your monthly amount, making it more advantageous to start at 62.

5. Maximizing Other Investments: Lastly, taking Social Security at 62 can allow you to maximize your other investments. By starting to receive Social Security benefits earlier, you can delay withdrawing from your retirement accounts or other investment funds. This delay gives your investments more time to potentially grow, providing you with a larger nest egg to rely on later in retirement.

While waiting to receive Social Security benefits can lead to a higher monthly amount, there are several reasons why taking Social Security at 62 may be the right choice for you. Whether it is the opportunity to retire early, concerns about your health, immediate financial needs, lower lifetime earnings, or maximizing other investments, weighing your personal circumstances and goals is key in making this decision. Consulting with a financial advisor can also help you navigate the complexities of Social Security and ensure you make the best choice based on your unique situation.