Five Reasons to Take Social Security Early At Age 62

You can start claiming the Social Security benefits as early as age 62.

However, your benefit amount will be reduced if you start collecting payments,

before your full retirement age, which is generally age 66 or 67.

Health issues


If you are going through serious health conditon and if there are very less chances of you living next few years as per doctor then taking Social Security will be best for you.

Get out of debt


If you have debts and if you are unable to increase your earnings or take money from savings, you should consider taking Social Security payment as soon as possible.

You need extra income


If you are going though financial emergency or crises and if you are at leat 62 then it makes a sense to sign up for the Social Security early.

Coordinate payments with a spouse


If you are married and both of you are eligible for Social Security Payments then its best that lower earning partner collect soon and high earning partner delay the claim of Social Security.

Leverage the stock market


The Social Security gives you 8% guaranteed per year for each delay claiming full retirement age. If you are confident enough that you can beat the yearly 8% return then you can take Social Security Payment early and invest it.