Five Good Reasons to Consider Claiming Social Security Benefits at Age 62

📈Claiming Social Security benefits at age 62 can help preserve your retirement investments and allow them to grow over time.

💰By claiming early, you have a source of guaranteed lifetime income that you cannot outlive, similar to a pension or annuity.

⏳Consider your health and life expectancy when deciding to claim early. If you don't expect to live long enough to break even, claiming early may be a compelling option.

👫If you plan to switch from your benefit to a higher spousal benefit when your spouse files, claiming Social Security early may be advantageous.

💵Immediate financial need can be a valid reason to claim Social Security benefits at age 62.

What if I'm still working?

—If you're still working and your income exceeds the earnings limit, it may not be beneficial to claim Social Security benefits early due to penalties.

Should I claim early if I have inadequate retirement savings?

—If you heavily depend on Social Security as your main source of income, it's best to delay claiming early and try to save more for retirement.

What if my benefit is likely to become the survivor's benefit?

—If your benefit is larger in a married couple but your surviving spouse is in poor health, it may be wise to claim early. However, if your surviving spouse will inherit the benefit, delaying may be a better option.

Can a Roth conversion plan affect my decision to claim Social Security early?

—If you're doing Roth conversions and manage taxes, deferring Social Security benefits may be beneficial to avoid increasing provisional income and potential Medicare IRMA charges.

What if I anticipate a long life?

—If you expect to live a long life, delaying the claiming of Social Security benefits can provide a higher cumulative benefit in the long run.

00:00This video provides five good reasons to consider claiming Social Security benefits at the earliest age of 62.

08:01Preserving your retirement investments and allowing them to grow over time is a compelling reason to claim early.

09:26Claiming Social Security benefits at 62 provides a source of guaranteed lifetime income.

10:31Consider your health and life expectancy when deciding to claim early.

13:26Switching to a higher spousal benefit and immediate financial need are additional reasons to claim early.

11:26Not claiming early may be the best option if you're still working and have income exceeding the earnings limit.

12:26Adequate retirement savings and dependency on Social Security are factors to consider when deciding not to claim early.

13:26If your benefit is likely to become the survivor's benefit or if you have a Roth conversion plan, delaying Social Security benefits may be beneficial.