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When it may make sense to claim Social Security at 62
CNN • • business
Key Points:
- Claiming Social Security benefits before full retirement age (67) results in permanently reduced monthly payments, with a 30% reduction at age 62 and a 24% increase if delayed until age 70.
- Personal factors such as health, longevity, financial needs, marital status, and other retirement income sources should influence the decision on when to claim benefits.
- Early claiming at 62 may be appropriate for those in poor health, qualifying for disability benefits, or facing financial hardship due to early retirement or job loss.
- Married couples should consider strategic claiming to maximize family benefits, especially when there are age or earnings differences, as survivor benefits can also be affected by the timing of claims.
- Uncertainty about potential Social Security changes around 2032 complicates decision-making, and consulting an accredited financial adviser familiar with Social Security rules is recommended for personalized guidance.
