Most financial experts advise waiting to claim Social Security retirement benefits at least until full retirement age, which is now 67, or even as late as age 70. However, for some individuals, claiming at 62 may make sense, particularly if they are in poor health or have limited financial resources.

Factors to Consider

When deciding when to claim Social Security benefits, several factors come into play, including health and longevity expectations, marital and parental status, and economic needs. Additionally, the potential impact of changes to the Social Security program, which is expected to face a revenue shortfall by 2032, must be considered.

For those in poor health, claiming at 62 may be the best option, as it allows them to receive benefits sooner. In some cases, individuals may even qualify for Social Security Disability benefits, which could result in a higher combined benefit than the reduced retiree amount they would otherwise receive at 62.

Marital and Parental Status

Married couples may want to strategize the best time for each spouse to claim their own retirement benefits to maximize what they can get as a family. This is especially relevant when there is a significant age or earnings disparity between spouses. Furthermore, if a spouse or dependent children would qualify for survivor benefits when the individual dies, they are likely to receive less if the individual claims at 62 than if they wait until their full retirement age.

Given the complexity of Social Security rules and the potential for changes to the program, it may be beneficial for individuals to consult with an accredited financial adviser who has training in how the program works. This can help them make an informed decision about when to claim their benefits.

Original reporting: KRDO (Colorado Springs metro) — read the source article.