5 Reasons You May Want to Take Social Security Early

Deciding when to claim Social Security can be one of the most important retirement decisions you’ll make. Delaying your benefits can result in higher monthly payments. But there are many reasons you might choose to take Social Security earlier — as soon as age 62. Early retirement, health concerns or a need for more income can make claiming early an appropriate move. However, taking benefits before your full retirement age comes with trade-offs, and understanding them is essential to making an informed choice. 

If you’re unsure about the best timing for your situation, a financial advisor can help you develop a strategy.

The impact of starting benefits early can be significant. According to the Social Security Administration (SSA), if you claim at 62, your monthly check will be about 30% less than if you wait until your FRA. For example, if your full retirement benefit at 67 would be $2,000 per month, claiming at 62 reduces that to approximately $1,400 monthly.

Over the course of a year, that monthly difference amounts to $7,200 less in benefits if you claim early. Over the course of a long retirement, the total benefit reduction can be significant.

However, there are circumstances where taking benefits early can make practical and financial sense, depending on your needs and life expectancy. For instance, say you claim at 62 and receive $1,400 per month or $16,800 a year. By your 67th birthday you will have received five years worth of payments, equal to five times $16,800 or $84,000. If you wait until age 67 to claim, it will take nearly 11.7 years — $84,000 divided by $7,200 — to break even.

If you are dealing with significant health issues or have a family history of shorter life expectancy, claiming Social Security benefits early can be a sensible decision. On your death, your retirement benefit payments end, although survivors may continue to be paid. Starting benefits sooner ensures you receive payments while you are still able to enjoy them.

Chronic illnesses, disabilities, or other medical concerns can also strain your finances through higher healthcare costs. In such cases, accessing Social Security early provides extra cash flow to help manage those expenses.

Qualifying for Social Security Disability Insurance (SSDI) might offer a larger benefit if you’re unable to work due to a health condition. However, SSDI has strict eligibility requirements and may not be an option for everyone.

Sometimes, early retirement isn’t a choice but a necessity. A layoff, workplace downsizing or difficulty finding work in your 60s can accelerate your retirement plans. In such a situation, Social Security can provide a financial lifeline when other sources of income are unavailable.

Taking benefits at 62 can help you cover essential living expenses, healthcare costs and debt payments during a challenging financial transition. Although your long-term monthly benefits will be reduced, accessing immediate cash can be preferable to delaying and facing financial hardship.

For many retirees facing financial uncertainty, even a reduced Social Security check offers important stability and peace of mind during a difficult time.

Taking Social Security early may also make sense if you’re married and have significant health issues or a shorter life expectancy. Claiming early while your spouse delays can be a smart household strategy.

For example, if your spouse waits to claim until 70, they’ll receive the maximum possible monthly benefit. In the event of your passing, your spouse may be eligible to claim survivor benefits based on the higher delayed retirement credits.

While this approach requires careful coordination, especially when both spouses are entitled to their own benefits, it can significantly improve financial stability for a surviving spouse.

Another reason to take Social Security early is to supplement part-time work. Many early retirees choose to leave full-time employment but continue working reduced hours. Social Security benefits can help fill the income gap created by this transition.

However, there are income limits if you claim Social Security before your full retirement age and continue working. In 2025, for example, if you earn more than $23,400 annually, your benefits are temporarily reduced by $1 for every $2 earned above the limit. Once you reach full retirement age, no earnings limit applies. Plus, your benefits are then recalculated to credit back the temporarily withheld amounts.

If you plan to work part-time and stay within earnings thresholds, combining Social Security benefits with a reduced workload can help you ease into full retirement.

For some individuals, the desire for early retirement is simply about quality of life. If you’ve built up sufficient retirement savings, paid off debts, and minimized expenses, you may not need to wait for the maximum Social Security benefit.

Taking Social Security early could enable you to travel, pursue hobbies, or spend more time with family and friends while you’re still relatively young and active. The value of retiring at 62 versus waiting for a higher monthly payment later depends heavily on personal priorities and lifestyle goals.

While the monthly checks will be smaller, for many, the opportunity to enjoy life earlier outweighs the financial trade-offs. Careful budgeting and smart financial planning are essential to make this approach sustainable.