Thinking About Claiming Social Security at 62? Know the Downsides First
Tuesday, 16 April 2024, 12:05
What Happens if You Claim Social Security at 62
You can claim Social Security at 62, but there are serious downsides. Find out what happens if you make an early claim.
1. Shrink Your Monthly Benefit
- If you start checks at 62, you're hit with early-filing penalties resulting in a 30% reduction in your standard benefit.
2. Reduce Survivor Benefits
- Claiming at 62 can potentially reduce survivor benefits for your spouse, leaving them with a lower benefit when you pass away.
3. Lower Total Lifetime Benefits
- Research shows waiting until 70 maximizes Social Security money for most. Claiming early decreases the odds of maximizing lifetime benefits.
Ultimately, delaying the claim is often the best choice, but consider your own situation and goals.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.