Q: What are some reasons why someone might want to collect Social Security at 62?
– Lorna Mack, New Jersey
A: You can certainly start your Social Security retirement benefits as early as age 62, but advisers tend to advise against in most, but not all, cases.
One reason why advisers are so against claiming at age 62 is that the benefit amount you receive will be less than your full retirement benefit amount. According to the Social Security Administration, if you start your benefits early, they will be reduced based on the number of months you receive benefits before you reach your full retirement age. So, if your full retirement age or FRA is 66, the reduction of your benefits at age 62 is 25%; at age 63, it is about 20%; at age 64, it is about 13.3%; and at age 65, it is about 6.7%. What’s more, if this applies, your surviving spouse will also receive a permanently reduced benefit as well.
Still, there are times when it makes sense to claim at age 62 says Jim Blankenship, author of A Social Security Owner’s Manual.
One, you might want to start collecting Social Security benefits at age 62 if your expectation of lifespan is lower than average. “That is to say, if your health circumstances and/or family history lead you to believe that you will not live beyond approximately age 80, then starting early may be in your best interest.”
– Lorna Mack, New Jersey
A: You can certainly start your Social Security retirement benefits as early as age 62, but advisers tend to advise against in most, but not all, cases.
One reason why advisers are so against claiming at age 62 is that the benefit amount you receive will be less than your full retirement benefit amount. According to the Social Security Administration, if you start your benefits early, they will be reduced based on the number of months you receive benefits before you reach your full retirement age. So, if your full retirement age or FRA is 66, the reduction of your benefits at age 62 is 25%; at age 63, it is about 20%; at age 64, it is about 13.3%; and at age 65, it is about 6.7%. What’s more, if this applies, your surviving spouse will also receive a permanently reduced benefit as well.
Still, there are times when it makes sense to claim at age 62 says Jim Blankenship, author of A Social Security Owner’s Manual.
One, you might want to start collecting Social Security benefits at age 62 if your expectation of lifespan is lower than average. “That is to say, if your health circumstances and/or family history lead you to believe that you will not live beyond approximately age 80, then starting early may be in your best interest.”
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