Updated March 15, 2026, 11:49 a.m. ET
Most Americans can start receiving Social Security benefits at 62, which makes it a popular choice for retirement. But the question remains: is claiming benefits at 62 the best option?
There’s a lot of information out there, yet the answer isn’t straightforward. If you claim benefits early, you’ll receive smaller checks, while waiting until age 70 can lead to larger monthly payments.
Statistically, it seems waiting until 70 offers the best lifetime financial outcome. The average retiree could gain significantly by claiming maximum benefits at that age, with research pointing to potential income losses of around $182,370 for those who start receiving benefits before then.
Strikingly, over 90% of Americans choose to claim benefits before reaching 70, with a significant number opting to start as early as 62.
Let’s explore some typical reasons for taking benefits early. For a tailored evaluation, resources like the Social Security Optimizer might be useful.
Financial Need
Social Security payments provide a monthly source of income until death. If you’re 62, not working, and lacking other income, it might make sense to access these benefits now. As Romina Boccia from the Cato Institute points out, for those considering borrowing money, early claiming might be the preferred route.
But remember, claiming early could result in missing out on that eventual $182,370 gain.
Experts often recommend exploring alternatives. For instance, working for a few more years or tapping into retirement savings while delaying Social Security benefits could be beneficial. As Monique Morrissey, an economist at the Economic Policy Institute, mentions, it’s wise to carefully consider your financial situation before deciding to draw from savings.
Lawrence Kotlikoff from Boston University goes even further, suggesting you should exhaust all other options before claiming at 62.
Life Expectancy Considerations
Longevity is a major factor in your decision about when to claim benefits.
The Motley Fool indicates that the “break-even age” is around 80. If you live beyond that, it makes more sense to wait until 70.
Many retirees significantly underestimate their life expectancy, mistakenly thinking they won’t live past their 70s, while average life expectancy hovers around 78. In fact, at age 62, you could very well be looking at living into your 80s, as Morrissey points out.
Of course, some individuals may face different circumstances. Those with terminal illnesses or genetic predispositions may need to evaluate the math differently.
Concerns About Social Security’s Future
The sustainability of Social Security is a pressing issue. Surveys show many workers worry about losing the benefits they’ve been promised. Concerns are heightened as projections suggest a potential funding shortfall by 2032, which could mean a 28% cut in monthly checks without action from Congress.
This fear has prompted some to claim benefits earlier than planned. A survey from AARP in 2025 found that nearly 25% of individuals aged 62 to 66 had decided to take Social Security early.
Morrissey believes this fear is perhaps the most common reason people who could afford to wait decide to claim early. But is that really a sound strategy?
Most experts anticipate Congress will address the program’s challenges through measures like tax increases or adjustments to retirement age rather than cutting benefits for current retirees. Morrissey believes that targeting cuts for current or near-retirees would be politically disastrous.
While benefits cuts are a concern for younger workers, those closer to retirement likely won’t see dramatic changes.
Investing Early Benefits
As discussed, there’s compelling evidence that waiting until age 70 yields the most Social Security benefits. But what if you choose to claim early and invest the smaller check instead?
To understand this, it’s essential to know how the Social Security bonus system functions.
For those born after 1960, full retirement age is 67. Claiming benefits early results in reduced payments—30% less if claimed at 62.
If you wait past 67, your monthly payments increase by 8% annually. Some calculations suggest that delaying from 62 to 70 could significantly enhance your monthly income.
Can you make up for the early claims by investing? It’s a complicated answer. Some analysts say it might be possible, yet the risks involved might outweigh the potential gains.
Research shows that for some, particularly those who don’t need the immediate income and want to leave a legacy, claiming early may be advantageous. However, economists caution against placing those funds in volatile markets.
Morrissey emphasizes the importance of keeping retirement savings in the safest forms possible, and nothing really matches the security provided by Social Security itself.
