Should You Take Social Security at 62? Consider These 4 Factors.

Social Security is available to most Americans at age 62. It’s no wonder those are the most popular years to seek retirement benefits. Hey: It’s money.

But is 62 the best age to claim Social Security?

You can find hundreds of articles on that question, and the answer is not obvious. If you take Social Security early, you get more checks. Each year you wait, up to age 70, the checks get bigger.

Do the math, though, and you’ll see compelling evidence for waiting until age 70 to take Social Security.

The reason is human longevity: The average American retiree will live long enough to earn more money during his lifetime if he waits until 70 and claims a larger monthly benefit. USA TODAY published an article in 2025 explaining the statistics.

One scholarly paper found that the average retiree who retires before age 70 loses $182,370 in potential Social Security income.

Still, more than 90% of Americans claim Social Security before age 70, and more than one in five claim it at 62.

Let’s take a closer look at some popular reasons to take Social Security at 62. For a personalized assessment, visit a Social Security optimizer, such as the one provided by T. Rowe Price.

You need money

Social Security provides a monthly check until you die. If you are 62, unemployed and have no other income, taking benefits now may make sense.

“If their alternative is to go into debt, they may want to seek it early,” said Romina Boccia, director of budget and rights policy at the Cato Institute.

Keep in mind, however, that you may be leaving $182,370 on the table.

Experts suggest that you consider other options. You can continue working for a few more years. If you have large retirement savings, you may be better off using it now and drawing Social Security later.

No one would say, ‘Draw [your savings] to zero,’” said Monique Morrissey, senior economist at the Economic Policy Institute.

Laurence Kotlikoff, a Boston University economist and co-author of the scholarly paper cited above, isn’t convinced: He says you have to “beg, borrow and steal” to avoid taking Social Security at age 62.

You don’t expect to live long

When it comes to claiming Social Security, longevity is important.

If you measure whether you want a profit at 62 or 70, the Motley Fool calculates, the “break-even” point comes at age 80. Live longer than that, and you’re better off entering 70.

Most Americans are terribly ignorant about human life. Retirees often think they will die in their 70s, because the average American lives to about 78.

But life expectancy increases with age. If you are 62, you can expect to live into your 80s.

“People are more likely to underestimate their life expectancy than to overestimate it,” says Morrissey.

There are some Americans, however, who reach 62 knowing they won’t make it to 80. They may have a chronic disease, or a genetic predisposition to “certain diseases that can shorten their lifespan,” Boccia said. “Then, the math can look very different for them.”

Social Security is running out of money

Social Security’s solvency is no small concern. Research suggests that most American workers fear that the promised benefits will not be there in retirement.

Social Security faces a deficit as soon as 2032. Without action from Congress, recipients could see a 28% reduction in their monthly checks.

Fear has driven many Americans to seek Social Security early. In AARP’s 2025 survey, nearly one-quarter of Americans ages 62 to 66 said they had made a decision in the past year to claim Social Security early, or expected to do so.

“I think that’s the most common reason people who can’t wait take Social Security early,” Morrissey said.

But is it a good reason?

Social Security watchers widely predict that Congress will find a way to fix the system, by collecting more taxes, adjusting the “full” retirement age for benefits, or borrowing funds, among other options.

Cutting Social Security for retirees would be “political suicide,” Morrissey said, for whoever approved the cuts. Any reduction in benefits, experts say, could affect younger workers, those many years from retirement.

“I think it’s very unlikely that there will be a reduction in benefits for people who are close to retirement,” said Robert Brokamp, ​​senior retirement advisor at the Motley Fool.

You want to apply early and invest

As we mentioned above, compelling statistics suggest that most Americans will receive a much larger return from Social Security if they wait until age 70 to claim it.

But what if you took small checks at 62 and invested them yourself?

Before we answer that question, let’s revisit how the Social Security bonus program works.

For Americans born in 1960 or later, the full retirement age for Social Security is 67. If you claim it then, you get your “full” benefit. Claim it early, and get less money. The minimum benefit at age 62 is 30% less.

If you claim the benefit after age 67, the check continues to grow at an annual rate of 8%. The total Social Security “bonus,” between ages 62 and 70, increases monthly payments by about 76%, Kotlikoff calculated.

The question is whether you can “beat” the bonus by taking your checks early and investing them.

We asked the experts that question. Short answer: Maybe. But it may not be worth the risk.

According to one Motley Fool analysis, if you’re earning 5% a year on your Social Security dollars, you’d be better off taking a 62 interest, even smaller monthly check. The potential benefit lasts until age 90: If you live longer than that, you’re better off claiming bigger Social Security checks at 70.

Investing Social Security checks may make sense for someone who doesn’t need the money and hopes to pass it on to children, Brokamp said.

But the strategy has risks and pitfalls. Perhaps the biggest of all, economists say, is the risk you take when you invest your Social Security dollars in unpredictable financial markets.

“Almost all retirement experts believe that you should have a core of your retirement savings in the safest way possible,” says Morrissey. And a few investments like Social Security coverage.

This article first appeared in USA TODAY: Should you take Social Security at 62? Consider these 4 factors.

Reporting by Daniel de Visé, USA TODAY / USA TODAY

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