Is Collecting Social Security at 62 Right For You?
If you’re approaching 62, the big question on your mind might be: "Can I collect Social Security benefits now?" The short answer is yes, but there’s a lot more to consider before you make that decision. In today’s post, I’ll break down the factors you need to think about before you decide to start collecting Social Security at age 62.
Can I Collect Social Security at 62?
If you’re turning 62 this year, you’re eligible to begin collecting Social Security benefits. However, before you rush into claiming them, there are several important things to consider. First, let’s quickly review a few key dates and age milestones for Social Security:
Age 62: This is when you first become eligible to collect Social Security. But keep in mind, if you start collecting at this age, you’ll receive reduced benefits — about 70% of the full retirement benefit.
Full Retirement Age (FRA): For those born in 1960 or later, FRA is 67. For those born earlier, it ranges from 66 and a few months, down to 66 for anyone born before 1954.
Age 70: This is the sweet spot for Social Security benefits. If you wait until age 70 to start collecting, your benefits will be higher due to an annual 8% delayed credit you can earn every year between your FRA and age 70. If you were born in 1957, for example, and wait until 70, you could receive a significantly higher benefit than if you collect at 62.
With those dates in mind, let’s dig deeper into the factors that could affect your decision to collect at age 62.
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1. Are You Still Working?
One of the biggest factors to consider when collecting Social Security early is whether you plan to continue working. Social Security has an earnings limit if you’re collecting benefits before reaching FRA. For example, in 2025, if you earn more than $23,400 per year (about $1,950 per month), your benefits will be reduced by $1 for every $2 you earn over that limit.
Once you reach FRA, however, the earnings limit goes up to $62,160. If you earn more than that, Social Security will withhold benefits, but once you hit FRA, there’s no limit on how much you can earn while still receiving your full benefits.
So, if you’re planning to collect early and work, be sure to factor in your income for the year to avoid any surprises.
2. Are You Married (or Divorced)?
If you’re married, it’s not just your benefit you need to think about. Your spouse’s future Social Security benefit could be impacted by when you start claiming. Here’s why: When one spouse outlives the other, they are eligible to collect the higher of the two benefits.
If you start collecting at 62, your benefit will be reduced for the rest of your life — and this could affect your spouse’s future benefit if you pass away first. In some cases, it might make sense for the higher-earning spouse to delay their benefits until age 70, while the lower-earning spouse starts collecting at 62.
However, if you start your benefits early and your spouse has a much higher earning history, you might be locking in a lower benefit for both of you in the long run.
This is something to think about if you want to maximize your family’s Social Security benefits.
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3. Your Health and Longevity
Your health plays a major role in deciding when to start Social Security. If you’re in good health and have a family history of longevity, you may want to wait until full retirement age or age 70 to collect. Waiting could give you a much larger benefit over your lifetime.
On the other hand, if your health is a concern, or you don’t expect to live into your 80s, it might make sense to start collecting early.
There are break-even calculators available that can help you figure out when it makes the most sense financially to start collecting Social Security based on your life expectancy.
For example, if the break-even point is 78 years old, and you start collecting at 62, you could be losing $600 per month that you would have received by waiting until full retirement age. Over 10-15 years, that could add up to a significant amount.
4. Do You Have Dependent Children?
If you have children under the age of 18 (or up to 19 if they are full-time students), they could also be eligible to receive Social Security benefits based on your record. This could be a reason to start collecting earlier, as your children can receive up to half of your full retirement benefit while they’re still dependent.
This can be especially helpful if you have younger children and want to provide for them financially. But, again, you’ll need to keep the earnings limit in mind, especially if you plan to continue working while collecting your benefits.
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5. Were You Previously Married?
If you were married for at least 10 years and are now divorced, you may be eligible to claim Social Security benefits based on your ex-spouse’s record. This applies even if your ex-spouse has remarried, and you can claim the higher of your benefit or half of their full retirement benefit.
If you collect early, your ex-spouse could still be eligible for benefits, which is something to consider if you’re trying to help them out. However, they will have to wait for you to file for Social Security benefits before they can claim theirs.
Closing Thoughts
The decision to collect Social Security at age 62 is not as simple as it seems. It’s important to evaluate your personal situation — including your income, health, marital status, and plans for the future.
If you have a question or topic that you’d like to have considered for a future episode/blog post, you can request it by going to www.retirewithryan.com and clicking on ask a question.
As always, have a great day, a better week, and I look forward to talking with you on the next blog post, podcast, YouTube video, or wherever we have the pleasure of connecting!
Written by Ryan Morrissey
Founder & CEO of Morrissey Wealth Management
Host of the Retire with Ryan Podcast