The earliest age you can collect Social Security retirement benefits is 62, and about a quarter of people begin payments as soon as they are eligible.
“I want to take it now to get my money back,” is a common rationale, according to Dustin Wolk, client advisor with Crescent Grove Advisors in Milwaukee. That’s “totally valid on the surface,” he says. But it also results in a significant reduction in monthly payments.
For those born in 1960 or later, the full retirement age is 67. Beginning Social Security anytime before that means a permanent reduction in benefits. Someone claiming benefits at age 62 will receive 30% less than what they would have been paid if they waited until age 67, according to the Social Security Administration.
That doesn’t mean it never makes sense to claim benefits early, but people shouldn’t start Social Security simply because they are eligible.
“Try not to make decisions based on gut feelings,” says Michael Greenwald, director of tax services for accounting firm Berkowitz Pollack Brant in New York City. “Do the math.”
Here are some examples of when the math — and your life circumstances — point toward claiming benefits at age 62.
— You expect to have a short lifespan.
— You can no longer work.
— You need supplemental income.
— You are coordinating spousal benefits.
— You want peace of mind.
[READ: What Will the Social Security COLA Raise Be for 2026?]
You Expect to Have a Short Lifespan
The most obvious reason to claim Social Security benefits early is if you think you won’t be receiving benefits for many years.
“If you know how long you’re going to live, the conversation would be a lot easier,” Wolk says.
Someone who knows they will die at age 65 will undoubtedly want to start benefits at age 62. However, unless already diagnosed with a terminal illness, most people can’t predict exactly when they will pass away. And even those who are healthy could face an unexpected demise.
“It’s also possible a meteor is going to hit the earth,” Greenwald quips.
Still, people can look to their family history and their own health status to make an educated guess as to their longevity. If your parents died in their 60s and you have poor health, starting Social Security at age 62 can make sense. If everyone in your family’s previous generation made it to 90, you might want to wait.
[Read: What Is the Maximum Possible Social Security Benefit in 2026?]
You Can No Longer Work
Another reason to begin Social Security early is if you are no longer working. “For example, if you’re laid off, and you need that income,” says Will South, a national Social Security advisor with RichLife Advisors in Gainesville, Georgia.
If you are unexpectedly out of work, whether from a layoff or a health issue, Social Security benefits can provide a financial lifeline. However, if you think you might return to the workforce soon, consider whether you have other options to cover expenses while jobless.
Those collecting Social Security before their full retirement age are only allowed to earn a certain amount of income each year before a portion of their benefits is withheld. In 2025, a 62-year-old can earn up to $23,400 without affecting their payments. After that, $1 in Social Security benefits will be withheld for every $2 earned above that limit.
That means if you expect to be only temporarily unemployed, you may want to look elsewhere, such as to short-term disability insurance or other savings, to bridge any gaps in your budget.
You Need Supplemental Income
The cost of living increases each year, and some older Americans find they need additional cash to make ends meet. Claiming Social Security early could help them pay for everyday expenses.
Seniors may also want extra money for reasons other than paying bills, according to South. Some retirees may be looking for additional funds to travel, help family members or pursue other passions.
“These are your golden years,” South says. “You want to enjoy them.”
If claiming Social Security early helps improve your quality of life, that may be reason enough to start benefits at age 62.
[Read: How to Solve Social Security Problems Online, Over the Phone or In Person]
You Are Coordinating Spousal Benefits
Retirees who are part of a married couple have more options when it comes to deciding when to collect Social Security if each spouse is entitled to their own benefits.
For instance, it may make sense for the high earner in a couple to delay their benefits until age 70, which will result in the maximum monthly benefit possible based on their earnings record. Even if this person is expected to have a shorter lifespan than their spouse, delaying benefits can result in a higher spousal benefit and more money overall for the couple.
“Look at (benefits) independently but also as a whole,” Wolk advises.
While one spouse delays their benefits, the other can begin receiving Social Security as early as 62 to create a stream of retirement income.
Working with a financial planner who has expertise in Social Security can help couples determine the best time to file and maximize benefits.
“A good advisor will produce a report that has multiple factors,” Greenwald says. “It’s really about sitting down and doing the math.” He adds that advisors have access to software that can model a variety of scenarios to determine which claiming strategy may result in the most money overall.
You Want Peace of Mind
Some people are less concerned with collecting the most money possible and more concerned about minimizing any financial stress or worry.
“There’s obviously the data side but also the psychological side,” Wolk says.
Deciding to claim Social Security at age 62 means less money overall in the bank, but if it helps someone sleep better at night, it could be the right choice.
The key is to avoid making Social Security decisions in a vacuum. You’ll want to consider your other sources of income, tax liabilities and life goals. “It’s really about making sure you have a strategy,” South says.
If you are going to claim benefits at 62, don’t do it simply because you can. Instead, consider why you want to start your Social Security benefits early and understand how that decision will fit in with all the other pieces of your retirement plan.
More from U.S. News
The 6 Easiest Places to Retire Abroad
5 Reasons to Take Social Security at Age 62 originally appeared on usnews.com
Update 12/16/25: This story was published at an earlier date and has been updated with new information.