Do the reasons to take Social Security early outweigh the advantages of waiting? Maybe, but only under certain circumstances.
This year, as part of the ongoing 'Peak 65', millions of Baby Boomers will turn 65, following the record 4.18 million who reached that age in 2025, the highest single-year surge ever. This wave will dramatically increase the population over age 80 and intensify the strain on the Social Security system, which depends on contributions from a shrinking pool of current workers.
Although experts agree it's often better to wait to claim your Social Security benefits, many Americans opt to take their benefits early.
About 45.7% of men and 54.3% of women collected Social Security between the ages of 62 and 69 in 2025, according to the Social Security Administration. Just over 35,300 took Social Security between the ages of 70 and 84, while 6,222 didn't take it until after they turned 85.
So, what is the best age to file for benefits, and when does it pay to take Social Security benefits early? Should you claim as early as age 62? Maybe, and maybe not.
Reasons to take Social Security at 62
1. Health issues
You are eligible to collect your full retirement benefit — 100% of the amount you’re entitled to receive based on lifetime earnings — at full retirement age (FRA). Full retirement age varies by year of birth.
If you were born in 1960 or later, your FRA is age 67 and will be reached starting in November 2026 and after. If you were born in 1959, your FRA is age 66 and 10 months, reached in November 2025 and later. And, if you were born in 1958, your FRA is age 66 and six months, and was reached in November 2024 and later.
However, if you’re in poor health and fear you won’t reach full retirement age, you may decide to take your benefits early instead. This may be an easier decision if you’re single and don’t have to worry about the impact on your surviving spouse.
2. You no longer want to work
Full-time employees in the U.S. have been working fewer hours per week for the past five years. In 2024, U.S. employees reported working an average of 42.9 hours per week, according to Gallup. If you have a physically taxing job, that work week may seem even longer.
According to a 2024 survey by the Transamerica Center, 58% of retirees left work sooner than planned. The reasons vary, but include the loss of a job, health and family-related concerns, such as caregiving.
Data from a 2025 OECD Employment Outlook study notes that older workers, 50 and up, face challenging working conditions, with 50.3% in physically demanding jobs and 54.2% exposed to environmental hazards. If this is the case with you, it may no longer be well-advised to work, and instead of remaining on the job, you may choose to draw Social Security early.
3. You need cash now
The rising cost of living may be the only reason you need to claim your Social Security benefits early. In the Great Recession of 2008 to 2009, nearly 36% of eligible men and 39% of eligible women started claiming benefits at age 62 for one simple reason — to pay the bills.
2025 Social Security Administration data shows that about 31% of eligible senior citizens claimed benefits at age 62 in 2024, indicating ongoing financial pressures. The 2026 cost-of-living adjustment (COLA) of 2.8%, just slightly higher than last year's 2.5% COLA, falls short of covering rising costs for essentials like housing, healthcare, and groceries. This can lead some retirees to claim benefits early, even though it results in a permanent reduction of their lifetime income.
Most Americans plan to claim Social Security early, despite the long-term cost. Schroders' 2025 U.S. Retirement Survey shows that only 10% of non-retirees plan to wait until age 70 to maximize their benefits. The main reasons for early filing are: financial need (39%), the fear that the system will run out of money (38%), and the desire for immediate access to funds (36%).
Meanwhile, the cost of retirement is proving to be a surprise, with nearly half of current retirees saying their expenses are higher than expected.
4. You need to cover expenses and get out of debt
Your current living expenses may surpass your Social Security benefit amount, so you decide to take your benefits early because you can’t wait for a larger payout later. Or, you’re drowning in debt, and taking benefits now will help. You may also feel you could do better by collecting your benefits early and investing that money.
While that may appear logical, your investment must beat the 6% to 8% guaranteed return on your money that Social Security provides if you retire at full retirement age.
5. You fear benefits will dry up
The world is changing, and you may simply fear that Social Security will run out of money around the time you reach full retirement age. You're not alone.
According to the 25th Annual Retirement Survey (pdf) by Transamerica Center for Retirement Studies, 71% of non-retirees are concerned that Social Security "will not be there for me" when they are ready to retire. This number is even higher (75%) for women. Fears of cuts in Social Security benefits are high (87%), with most anticipating reductions.
This fear is real, and even if you understand you’ll receive a larger benefit if you delay claiming Social Security, fear can be a driver in making important decisions. If this is you, claiming benefits early may be the practical thing to do.
Reasons not to take Social Security early
In contrast to all the reasons to take Social Security early, there are also several reasons to wait.
1. Benefits are permanently reduced
The earliest age you can start taking Social Security retirement benefits is 62. But your benefits will be reduced by 30% if you retire at 62. That means you will receive just 70% of your full retirement benefit every month for the rest of your life.
The good news is: If you claimed your benefit early and have changed your mind, you have a narrow window to stop and restart Social Security benefits.
2. Smaller cost-of-living adjustments
By taking your Social Security benefit early, you will receive a smaller monthly benefit than if you wait until your full retirement age. You will also get less from future Social Security cost-of-living adjustments (COLA). For instance, the earnings limit for people who have not reached their 'full retirement age' in 2026 is $24,480.
On the other hand, the earnings limit for people reaching full retirement age in 2026 is $65,160.
3. Penalty for working
The money you earn from a job before reaching full retirement age can affect your Social Security benefits. In 2026, Social Security deducts $1 from benefits for each $2 earned over $24,480.
If you reach your full retirement age during the year, Social Security deducts $1 from benefits for each $3 earned over $65,160 until your full retirement age. Although you will get your money back after you reach full retirement age, you won’t have as much to spend in the meantime.
4. Maximizing spousal benefits
If you’re married, you may want to consider how claiming Social Security early will affect your spousal benefits. First, when you file for retirement benefits, your spouse is typically eligible for a benefit based on your earnings, which can be half of your primary benefit amount — depending on your age at retirement. So, if your spouse begins receiving benefits before "full retirement age," they will receive a reduced benefit.
5. Diversifying your income
If you have other retirement accounts, like a 401(k) or IRA, and delay taking Social Security, these accounts become the primary source of income in the early years of retirement.
Your Social Security will grow — your benefit increases each year you delay, up to 8% per year when you postpone beyond your FRA — and you'll have more flexibility in how you manage your overall retirement savings.
What taking benefits at 62 might mean to you
When it comes to Social Security, there are pros and cons to taking your benefits early. Taking benefits early can help you cover expenses now, particularly if you're not in the best of health. However, Social Security is not meant to replace the income you earn from a job. In fact, Social Security benefits typically only amount to about 40% of your average earnings, and if you file early, you’ll be permanently locked into a lower benefit.
One last thing. Before making any final decisions about taking your Social Security benefits early or postponing them, consider consulting with a financial adviser who can help you determine the best option for your financial needs.
