What are the advantages of taking Social Security at age 62?

You can begin collecting your Social Security benefits as early as age 62, but you’ll get smaller monthly payments for the rest of your life if you do. Even so, claiming benefits early can be a sensible choice for people in certain circumstances.

What is the average Social Security benefit at age 62 in 2021?

(For context, the estimated average Social Security retirement benefit in 2021 is $1,543 a month. The average disability benefit is $1,277.)

When does social security consider you to be 62?

For example, if you were born on Oct. 1 or 2, 1959, Social Security considers you to be 62 as of Sept. 30 or Oct. 1, 2021. Your benefits will start in October 2021; you can apply for benefits in June. But if you were born between Oct. 3 and 31, your first full month at 62 is November.

Should you wait until age 70 to file for Social Security?

Waiting until age 70 to retire and file for benefits may not be feasible for many workers, especially if you’re battling health issues or want to get a jump-start on retirement. However, claiming at 62 means you’ll receive significantly smaller checks each month, which can be problematic if money is tight in retirement.

When can I Collect my Social Security benefits?

There is an exception: If you were born on the first or second day of a month, you can begin collecting your benefits in that month. For example, if you were born on Oct. 1 or 2, 1959, Social Security considers you to be 62 as of Sept. 30 or Oct. 1, 2021. Your benefits will start in October 2021; you can apply for benefits in June.

Is it too early to claim Social Security retirement benefits?

Claiming Social Security retirement benefits at the earliest age — 62 — is a big temptation for many aspiring retirees. Deciding to take benefits that early is only advantageous for limited situations, according to financial advisors. You generally want to hold off as long as you can up until age 70 to let your benefits grow as much as possible.