Social Security can go a long way in retirement, and for many older adults, it can make or break their strategy. In fact, around 1 in 5 adults age 50 and older have no other sources of retirement income outside of Social Security, according to a 2023 survey from the Nationwide Retirement Institute.
The age you begin claiming benefits will have an enormous impact on the amount you receive each month, so it's wise to make this decision carefully.
While there's not necessarily a right or wrong time to take Social Security, there are advantages and disadvantages to filing at certain ages. If you're thinking about claiming at 62, there are three reasons that could be a great move -- and one reason to consider waiting.

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When it's smart to claim Social Security at 62
1. It makes it easier to retire early
You don't have to start taking benefits as soon as you retire, but Social Security often makes it easier to afford retirement. If you retire in your early 60s and delay benefits, you'll need to depend entirely on your savings or other sources of income in between -- which risks depleting your nest egg too quickly.
This is also true if you've been forced into an early retirement due to job loss or health issues. Not everyone has the luxury of choosing when to retire, and if you find yourself unexpectedly unable to work, Social Security can make it more affordable to retire early.
2. You can undo your decision if you change your mind
Once you begin claiming Social Security, your benefit amount is generally locked in for life (save for annual cost-of-living adjustments). However, if you claim early and change your mind, you have one chance to reverse your decision by withdrawing your application.
You only have 12 months from the time you file to undo your decision, and you'll also need to repay whatever you've already received in benefits. But after you've successfully withdrawn your application, you can file again whenever you choose.
This can be a good option for those who are on the fence about when to claim. If you file at 62 but then quickly decide you'd rather wait, you have the option to change your mind. If you were to delay benefits and then regret your decision, though, you can't go back in time and claim earlier.
3. It may not matter in the long run anyway
Social Security benefits are designed so that, in theory, you should collect the same amount in total no matter what age you claim. If you file early, you'll receive smaller checks but more of them over a lifetime. By delaying benefits, you'll collect fewer payments in total, but each one will be larger.
If you end up living an average lifespan, then, you should receive roughly the same amount in total regardless of whether you claim early or delay. And if you have reason to believe you may live a shorter-than-average lifespan, you could receive more over a lifetime if you file earlier.
When it pays to delay benefits
1. It dramatically boosts your monthly income
While you may receive the same amount over a lifetime regardless of when you file, delaying benefits will have a dramatic effect on your monthly income. If your savings are falling short, this could make the difference between a comfortable retirement and struggling to make ends meet.
To receive the full benefit you're entitled to, you'll need to wait until your full retirement age (FRA) -- which is age 67 for anyone born in 1960 or later. Claim early, and your benefit will be reduced. Delay filing, and you'll receive your full benefit plus a bonus each month.
In some cases, this can add up to hundreds of dollars per month. For example, say that you have an FRA of 67, and by claiming at that age, you'd collect $1,800 per month (which is roughly the average benefit among retired workers, as of November 2023).
If you were to file at 62, your payments would be reduced by 30%, leaving you with $1,260 per month. But if you were to delay until age 70, you'd receive your full $1,800 per month plus an extra 24%, for a total of $2,232 per month. That's a whopping $972 more per month than you'd receive at age 62.
If you're going to be relying heavily on Social Security in retirement, delaying benefits could help make your senior years more comfortable. But there are also valid reasons to file at 62, especially if you want to retire early. By weighing the pros and cons of both options, you can make the best decision for your situation.