Deciding when to take Social Security benefits is a critical choice close to retirement. While early filing at age 62 can lead to permanently reduced monthly payments, it may be necessary for individuals facing job loss or health problems. For those who may struggle to find work or whose health is declining, claiming early could prevent financial hardship. Thus, it's essential to weigh personal circumstances against the potential long-term consequences of early filing versus waiting until full retirement age to claim benefits.
If you lose your job in your early 60s and struggle to find another one, claiming Social Security may be better than depleting your savings.
Claiming Social Security early can make sense if you're in poor health and prefer to receive benefits rather than waiting for full retirement age.
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