Social Security becomes available at age 62 for most Americans. Not surprisingly, this is the most popular age to claim retirement benefits. Hey: it’s money.
But is 62 the best age to claim Social Security?
You can find hundreds of articles on that question, and the answer is not clear. If you take Social Security earlier, you get bigger checks. Each year you wait, until age 70, the checks get larger.
Do the math, however, and you’ll see solid evidence for waiting until age 70 to take Social Security.
The reason for this is simple human longevity: An average American retiree will live long enough to receive the most money over his lifetime if he waits until age 70 and claims the maximum monthly benefit. USA Today published an article in 2025 that explains the calculations.
One scholarly paper found that the typical retiree who claims before age 70 loses $182,370 in potential Social Security income.
Still, more than 90% of Americans claim Social Security before age 70, and more than one in five take advantage of it by age 62.
Let’s take a closer look at some popular reasons for taking Social Security at 62. For a more personalized assessment, visit a Social Security Customizer, such as the one offered by T. Rowe Price.
you need money
Social Security provides monthly checks until you die. If you are 62, no longer working and have no other income, it may make sense to take benefits now.
“If their option is to go into debt, they may want to claim it early,” said Romina Boccia, director of budget and entitlement policy at the Cato Institute.
However, remember that you are potentially leaving $182,370 on the table.
Experts suggest you consider other options. You can continue working for a few more years. If you have significant retirement savings, you may be better off spending them now and receiving Social Security later.
“No one would say, ‘Get[your savings]down to zero,'” said Monique Morrissey, senior economist at the Economic Policy Institute. “But if you have a few million dollars, you can live on that for 70 years.”
Lawrence Kotlikoff, an economist at Boston University and co-author of the scholarly paper mentioned above, is more adamant: He says you should “beg, borrow, and steal” to avoid collecting Social Security at age 62.
You don’t expect to live long
When it comes to claiming Social Security, longevity matters.
If you’re considering whether to claim benefits at 62 or 70, The Motley Fool calculates, the “break-even” point comes around age 80. Live longer than that, and you’re better off claiming 70.
Many Americans are misinformed about human life expectancy. Retirees often assume that they will die at age 70, since the average American lives to be about 78.
But life expectancy increases with age. By the time you are 62, you can expect to live to be 80.
“People are more likely to underestimate their remaining life expectancy than to overestimate it,” Morrissey said.
However, there are some Americans who reach age 62 knowing that they will not live to age 80. They may have a terminal illness, or “a genetic predisposition to certain diseases that may shorten their lifespan,” Boccia said. “Then again, the math may seem very different to them.”
Social Security is running out of money
The solvency of Social Security is not a minor concern. Surveys show that most American workers fear they will not receive promised benefits when they retire.
Social Security will face a shortfall by 2032. Without congressional action, recipients could see their monthly checks reduced by 28%.
Fear has prompted many Americans to claim Social Security early. In the 2025 AARP survey, nearly one-quarter of Americans ages 62 to 66 said they had decided to claim Social Security early within the past year, or expected to do so.
“I think that’s the most common reason that people who can wait take Social Security early,” Morrissey said.
But is this a good reason?
Social Security watchers widely predict that Congress will find a way to make the program solvent, by collecting more taxes, changing the “full” retirement age for benefits, or borrowing money, among other options.
Cutting Social Security for retirees would be “political suicide,” said Morrissey, who also approved the cuts. Experts say any benefit cuts are likely to hit younger workers more years after retirement.
“I think it’s very unlikely that there will be any benefit cuts for people who are near retirement or who are in retirement,” said Robert Brokamp, senior retirement advisor at The Motley Fool.
You want to claim early and invest money
As we said above, solid math shows that most Americans will get the biggest returns from Social Security if they wait until age 70 to claim it.
But what if you took smaller checks at 62 and invested the money yourself?
Before we answer that question, let’s revisit how the Social Security bonus system works.
For Americans born in 1960 or later, the full retirement age for Social Security is 67. If you then claim it, you get your “full” benefit. Claim it earlier, and you’ll get less money. The minimum benefit at age 62 is 30% less.
If you claim benefits after 67, the check keeps getting bigger at 8% per year. Kotlikoff estimates that the total Social Security “bonus” between ages 62 and 70 increases monthly payments by about 76%.
So again, the question is whether you can “beat” the bonus by taking your checks early and investing them.
We put that question before the experts. Short answer: maybe. But it may not be worth the risk.
According to a Motley Fool analysis, if you earned 5% per year on your Social Security dollars, you might be better off taking benefits at 62, even with smaller monthly checks. The potential benefit lasts until about age 90: Even if you live longer than that, you’re still better off claiming a larger Social Security check at age 70.
Brokamp said investing a Social Security check could be beneficial for a person who doesn’t need the money and hopes to pass it on to children.
But this strategy has risks and dangers. Economists say perhaps the biggest risk is the risk you take when you invest your Social Security dollars in unpredictable financial markets.
“Almost all retirement experts agree that you should keep the bulk of your retirement savings as safe as possible,” Morrissey said. And some investments are matched by Social Security protections.
This article originally appeared on USA TODAY: Should you take Social Security at age 62? Consider these 4 factors.
Reporting by Daniel De Vis, USA TODAY/USA TODAY
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