Should I get Social Security at 62 or wait? Here are 3 smart reasons to start getting checks ASAP

Should I get Social Security at 62 or wait?  Here are 3 smart reasons to start getting checks ASAP

Should I get Social Security at 62 or wait? Here are 3 smart reasons to start getting checks ASAP

Americans nearing retirement know the advice all too well: when it comes to Social Security, good things come to those who wait. What about those who can’t wait? Their benefits are being cut.

These reduced benefits can add up. If you receive Social Security before full retirement age, you should expect a 30 percent cut in monthly benefits, according to Fidelity.

However, the 2021 Gallup Poll referenced by Experian shows that many are going out of business faster. It turned out that the average retirement age was 62 years. Experian suggests this may be due to the fact that 62 is the youngest age you can qualify for government benefits.

But even knowing that their monthly checks could be cut by 30%, these retirees are not necessarily making a serious mistake. There are several good reasons to start receiving Social Security benefits as soon as possible.

Do not miss

health status

Health issues rank high on the list of issues mentioned by Gallup poll participants. Respondents were particularly concerned that they might be at risk of disability, need for unexpected surgery, or a serious diagnosis.

While it’s possible that you can retire early and remain healthy, keep in mind that Medicare benefits won’t take effect until you’re 65 years old.

The point is that unexpected health emergencies unexpected. And they can get more expensive. Having a steady stream of income can mean the difference between being able to manage everything that comes along and having to go into debt to cover medical bills.


Debt does not depend on age. In the first few months of 2022, Americans have accumulated $18.6 trillion in debt, according to the Federal Reserve. Of these, those aged 55 to 64 had an average debt burden of $97,290.

Especially when that debt is unsecured, like in high-interest credit cards, it’s a real budget killer. Why then keep accumulating runaway interest rates when you have public money?

Read more: Top 10 Investing Apps with Once in a Generation Opportunities (Even If You’re New)

Ideally, you should pay off all debt before you decide to retire, but if Social Security can help get rid of stubborn credit card balances, that’s a good idea too. You can request checks for other amounts now and ask for smaller payouts later.

And if you’re still worried that your cash flow is too tight, you can keep working and still get benefits, but only if you’re at full retirement age, around age 66 or 67.

Your partner earns enough for both of you

If your spouse is claiming full Social Security benefits at retirement age, you may be eligible for 50% of their benefits.

First, take a good look at what you earn. If 50% of your marital income is more than 100% of your income, you can simply retire to fulfill your dreams of golden years.

Bottom line: Loosening does it

Americans who wait until they reach full retirement age are likely to get a better Social Security scenario. But if you’re willing to take a step back professionally, it might be a good compromise to retire to enjoy the good health you have, even if you’re managing debt within your means.

So 62 is the magic number?

It is possible if you meet all the requirements as we described above.

In any case, before making any major decisions, a financial advisor can help you determine what is best for you. Remember: they have their own pension to consider, so you can benefit from their experience in more than one way.

What to read next

This article provides information only and should not be construed as advice. It is provided without any warranty.

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