Claiming Social Security at Age 62
Claiming at 62 means collecting 5 years before your Full Retirement Age of 67. Your benefit will be permanently reduced by approximately 33%.
Claiming at 62: The Trade-offs
- Pros: Receive income 5 years sooner. Good if you have health concerns, need the income, or can invest the payments.
- Cons: Permanently reduced benefit (~33% less). Lower survivor benefit for your spouse. Earnings test may apply if you're still working.
- Earnings test: If you earn over ~$23,400/year while collecting before FRA, $1 is withheld for every $2 earned above the limit.
- Breakeven: You'll need to live past approximately age 78 for waiting until FRA to pay off vs. claiming at 62.
Who Should Claim at 62?
- Those with health issues that may limit lifespan
- People who need the income and have no other sources
- Those who can invest the payments to potentially earn more than the delayed credit rate
- Spouses of higher earners (lower earner claims early while higher earner delays)
Calculate Your Exact Benefit at Age 62
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