Should you take Social Security at 62? Consider these 4 factors - USA Today
This article explores the financial trade-offs of claiming Social Security benefits at age 62 versus waiting until age 70. It highlights that while early claiming provides immediate cash, waiting significantly increases lifetime income for most retirees.
Why it matters
Financial planning for retirement is a critical concern for aging populations, and understanding benefit structures is essential for long-term economic stability.
Hear this story Sixty-two is the earliest age most Americans can claim Social Security. It's also the most popular age for claiming the retirement benefit.
But is 62 the best age to claim Social Security?
You can find hundreds of articles on that question, and the answer isn’t obvious. If you take Social Security earlier, you get more checks. For every year you wait, up to age 70, the checks get larger.
Do the math, however, and you will see compelling evidence for waiting until age 70 to take Social Security.
The reason is simple human longevity: An average American retiree will live long enough to get the most money over their lifetime if they wait until 70 and claim the maximum monthly benefit. USA TODAY published an article in 2025 that explains the calculations .
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in