After Decades on Wall Street, I Took My Social Security at 62. Here's Why.

"Taking Social Security at 62 can make sense now, given the uncertainty surrounding major items, longevity, and financial stability. While delaying benefits increases the monthly payout, many people prioritize accessing guaranteed income earlier to cover living expenses, pay down debt, or enjoy retirement while still in good health. For those who may not expect to live into their 80s or 90s, starting benefits at 62 can maximize lifetime income by ensuring they receive payments for more years, rather than banking on a longer lifespan."

"In today's climate of rising healthcare costs and economic volatility, having a steady income earlier can provide peace of mind. The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually for those born from 1955 to 1960, reaching 67. For anyone born in 1960 or later, full retirement benefits are payable at age 67."

"Having worked on Wall Street for over 20 years as an institutional stockbroker and in the financial industry since 1991, I believe it would be beneficial to share my insights, especially for those approaching their 60s and at a stage in life where financial decision-making is crucial. One thing is sure: for some, it is the perfect way to recoup the money they have paid in years early. Meanwhile, for others, it could be the worst mistake they can make."

Claiming Social Security at 62 can provide guaranteed income earlier, helping cover living expenses, pay down debt, or enable retirement while still in good health. Delaying benefits raises monthly payouts but may not increase lifetime income for those unlikely to reach their 80s or 90s. Rising healthcare costs and economic volatility increase the value of steady early income for many households. The full retirement age is 66 for those born 1943–1954 and rises to 67 for people born 1955–1960 and later. COLA projections are near 2.5% and may remain similar through the decade. A financial plan and advisor consultation are recommended.

Read at 24/7 Wall St.