An interesting thing happened between January and May of 2025. The number of people who applied for Social Security retirement benefits jumped by nearly 18% year over year. For some financial experts, the surge in claims was worrying. After all, claiming Social Security at 62 results in receiving monthly benefits 30% lower than they would have been at age 67.
Still, the decision of when to claim benefits is a personal one, and there are plenty of reasons a person may choose to do so. Here are four advantages of taking Social Security as early as possible.
Image source: Getty Images.
1. There's no waiting for money you need now
If you've been laid off and haven't been able to find another job, it makes sense to consider early filing. Or, if the only jobs that interest you are part-time and won't cover the bills, receiving Social Security benefits could help you fill the gaps.
2. It could maximize your lifetime benefits
Waiting to claim benefits until age 70 is a great way to maximize benefits, but it's not the right choice for everyone. If you have serious health concerns or a family history of shorter-than-average lifespans, claiming benefits early may help ensure you receive benefits you might otherwise miss. If you claim benefits at age 62 rather than 67, it will take just shy of 12 years (11 years, eight months) to reach the break-even point. The break-even point is when the cumulative benefits you receive by claiming at 67 exceed those you receive by claiming at 62.
When there's little chance of living past age 74, claiming benefits early makes sense.
3. It can help you focus on yourself
According to a report from the Economic Policy Institute, roughly 50% of workers ages 50 to 70 hold physically demanding (50.3%) or high-pressure jobs (46.1%). If you're suffering physically or mentally, claiming benefits at 62 could provide the opportunity you need to focus on your physical and mental health.
One thing to keep in mind if you're considering filing for Social Security benefits at 62 is that you can't sign up for Medicare until age 65, so you'll need an alternative source of healthcare.
4. Claiming unlocks a spouse's access to spousal benefits
If your spouse plans to file for Social Security spousal benefits, they can't make the claim until you're collecting benefits. By filing early, you unlock your spouse's access to benefits, too.
Ultimately, the decision of when to retire and when to claim Social Security benefits is yours. Only you know your financial, family, and health situation. And that puts you in the perfect position to make the decision that will work best for you.
