Should You Claim Social Security at 62? Why the “Right” Answer Depends on More Than Math

For many retirees, age 62 feels like a major milestone.

It is the first opportunity to begin collecting Social Security retirement benefits after decades of paying into the system. For some, claiming early feels obvious: “I paid into it, why wait?” Others hear financial pundits insist that delaying until age 70 is always the better move.

But the truth is more nuanced.

A recent discussion with a client, highlighted an important reality: while many financial professionals encourage waiting, there are legitimate situations where claiming Social Security at age 62 may make sense. The key is understanding that the decision is not simply about maximizing benefits—it is about aligning Social Security with your broader retirement plan, cash flow needs, health, taxes, and long-term goals.

The Cost of Claiming Early

Let’s start with the tradeoff.

You can claim Social Security as early as age 62, but doing so permanently reduces your monthly benefit compared to waiting until full retirement age (FRA), which for many retirees is age 67. Claiming at 62 can reduce your monthly benefit by as much as 30%. On the other hand, delaying beyond full retirement age increases benefits through delayed retirement credits—roughly 8% per year until age 70.(As of 08/2026)

At first glance, that seems to make delaying the obvious answer.

After all, a larger guaranteed, inflation-adjusted income stream later in retirement can provide meaningful stability, particularly as healthcare costs rise and market volatility becomes a greater concern. But retirement planning rarely happens in a vacuum.

Why Some People Claim at 62 Anyway

Despite the reduction, many retirees still choose to claim at 62—and not always for bad reasons. In fact, a meaningful portion of Americans begin benefits as soon as they become eligible. For some, it is a necessity due to job loss, health concerns, or income needs. For others, it is a deliberate planning decision.

Situations where claiming early may deserve consideration include:

1. Health Concerns or Family Longevity

If you have significant health concerns or a shorter life expectancy based on family history, delaying benefits may not provide the same lifetime advantage.

While none of us know exactly how long we will live, health and longevity expectations can be important variables when evaluating claiming strategies.

2. A Need for Income

Sometimes the answer is practical.

If retirement assets are limited or income is needed to cover essential expenses, claiming Social Security earlier may reduce pressure on investment accounts during a difficult market environment.

For some households, receiving income at 62 may be preferable to drawing heavily from retirement portfolios at depressed valuations.

3. Coordinating With a Spouse

Married couples often have more flexibility. In some cases, one spouse may claim earlier while the higher earner delays, preserving a larger survivor benefit for the surviving spouse. Because Social Security decisions can impact household income for decades, spousal coordination is often one of the most overlooked planning opportunities.

4. Reducing Portfolio Withdrawals

Some retirees intentionally claim Social Security earlier to reduce the amount they need to withdraw from investment accounts during the first decade of retirement.

Others take the opposite approach—delaying benefits while drawing strategically from taxable or retirement accounts to “bridge the gap” until age 70.

Neither approach is universally right or wrong. The better strategy depends on taxes, withdrawal sequencing, portfolio risk, and lifestyle goals.

The Hidden Risks of Claiming Too Early

What often gets overlooked are the secondary consequences of starting benefits at 62.

For example:

You may permanently lock in a lower monthly income. Social Security includes cost-of-living adjustments (COLAs), but those increases are based on your starting benefit. A lower starting benefit means lower inflation-adjusted income over time.
Working can reduce benefits before full retirement age. If you continue earning income while collecting benefits before FRA, Social Security may temporarily withhold benefits above annual earnings thresholds.
Taxes may become more complicated. Depending on other income sources, a portion of Social Security benefits may become taxable, which can affect retirement cash flow planning.
You may regret the decision later. One of the biggest risks is longevity. Living into your 80s or 90s often increases the value of waiting because the higher monthly payment continues for life.

Many people ask:

“Should I claim at 62, 67, or 70?”

But a better question may be:

“What role should Social Security play in my retirement income plan?”

For some retirees, Social Security acts as a foundational income source covering housing, groceries, insurance, and essential expenses.

For others, it serves as supplemental income while investments, pensions, rental income, or business cash flow carry more of the burden.

The right claiming age depends on how Social Security fits into the bigger picture.

A claiming strategy should ideally be coordinated with:

Retirement income needs
Tax planning opportunities
Investment withdrawal strategies
Medicare timing and healthcare costs
Spousal benefits and survivor planning
Longevity expectations
Legacy and estate goals

Final Thoughts

There is no universal “best age” to claim Social Security.

Claiming at 62 is not automatically a mistake, and waiting until 70 is not automatically the right answer. The most effective strategy is often the one that fits your financial situation, goals, and retirement income plan—not what worked for someone else. Because once you claim, the decision can have lasting implications for income, taxes, and financial flexibility for decades to come.

About Rigden Capital Strategies

Rigden Capital Strategies was founded on a simple belief: financial advice should be personal, transparent, and centered around your goals—not built on generic models or product-driven sales. With decades of combined industry experience, we’ve developed a process grounded in three core values: value, integrity, and progress.

As a fee-only fiduciary, we provide personalized, goals-based wealth planning services designed to adapt with your life. Our services include investment management, retirement and tax planning, and estate coordination. We use a mix of active and passive strategies to help clients navigate market changes with clarity and confidence.

We believe in building real relationships and delivering clear, actionable strategies—focused on long-term planning and aligned with your objectives.

Your goals, our strategies. Together, let’s make your goals happen.

Disclosure: This article is for informational and educational purposes only and should not be construed as individualized investment, tax, or financial planning advice. Social Security claiming strategies should be evaluated based on your unique circumstances. Investing and financial planning involve risk, and past outcomes are not indicative of future results.