Should I take Social Security at 62 or wait?

It depends on your situation. Claim at 62 if: you need the income, have health concerns, or lack other savings. Wait until 67-70 if: you have adequate savings, good health, and expect to live past 80. The break-even point is typically 78-82 - living longer favors waiting.

How much is Social Security reduced at 62?

Claiming at 62 reduces benefits by 25-30% compared to full retirement age (67 for most). For example, if your full benefit would be $2,000/month at 67, you'd receive ~$1,400-1,500/month at 62. This reduction is permanent but you collect payments for 5 extra years.

Can I retire at 62 with $300,000?

With Social Security, likely yes. $300,000 at 4% = $12,000/year. Add Social Security (~$18,000/year at 62) = $30,000/year. This is tight but workable in low-cost areas. Key: keep expenses under $2,500/month. Consider part-time work or delaying retirement 1-2 years for more security.

What is the best month to claim Social Security?

For most, the best month is your birth month - benefits are calculated based on the month you reach claiming age. Avoid January claims if possible (administrative backlogs). If you're working part-time, claim when you'll be under the earnings limit to avoid benefit reduction.

Retirement Age

Can You Retire at 62? Social Security Decision Calculator

Age 62 is when you can first claim Social Security - a major milestone in retirement planning. But should you take benefits early (at a 30% reduction) or wait for full benefits at 67? Use this calculator to model both scenarios and determine your optimal strategy.

Key Facts

First year to claim Social Security

Benefits reduced ~30% vs age 67

3 years until Medicare (65)

Break-even vs waiting: typically age 78-82

Consider spousal coordination strategies

Popular retirement age in America

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