Should I take Social Security early at 62 or wait for full benefits? Torn about reduced payments vs. time to enjoy retirement

This is one of the most common questions in retirement planning, and there's no one-size-fits-all answer. Taking benefits at 62 means a permanent 30% reduction from your full retirement age benefit. The math works out that you'll come out ahead by claiming early if you don't live past around 80-82, depending on your specific situation. Since you're still working, be aware of the earnings test. In 2025, if you make more than $22,320 while claiming before FRA, SSA will withhold $1 in benefits for every $2 you earn above that limit. The withheld benefits aren't lost forever - they'll be added back after you reach FRA, but it can significantly reduce your monthly checks now. With no other retirement savings, you might want to consider working a few more years if possible, even at a less physically demanding job, and delaying benefits until at least your FRA. Each year you delay after FRA until 70 adds 8% to your benefit - that's guaranteed income for life.

take it early!! my hubby waited til 66 to claim and then dropped dead 8 months later. all those years of higher payments he could have had from 62-66 just GONE POOF. now i get survivors benefits but we missed out on like 4 yrs of him getting SS checks. nobody knows when their time is up.....bird in hand!!!!!

The answer depends entirely on your personal circumstances. Looking at your situation: 1. No other retirement savings - this is a major factor that leans toward waiting if you possibly can 2. Family history - parents passing in early 70s suggests claiming earlier might make sense 3. Still working - this actually complicates early filing due to the earnings limit Have you calculated your break-even age? That's the age where waiting to claim would start paying off more than claiming early. For most people it's somewhere in their early 80s. Also, since you mention having no retirement funds, have you checked if you might qualify for SSI in addition to retirement benefits? If your resources and income are low enough, you might be eligible for both programs to boost your monthly income.

YOUR WORKING STATUS CHANGES EVERYTHING!!! Don't listen to anyone telling you to take it early while still working at your income level! The earnings test will SLASH your benefits! I made this EXACT mistake. Started at 62 while still working part-time ($18k/year), and got a nasty surprise when my $1,350 monthly benefit got reduced to only $575 after the earnings limit deduction. The SSA took back $1 for every $2 I earned over the limit. Total disaster!! Either stop working completely, or wait until at least your full retirement age when the earnings test goes away. Wish someone had told ME this before I filed early.

Hey there, I was in almost your exact situation 3 years ago. I ended up splitting the difference - worked until 65 (found a less physical job as a part-time receptionist), then took my benefits 2 years early. This gave me a smaller reduction (about 13.3% instead of 30%) and let me get out of physically demanding work. Have you looked into whether you qualify for any other programs? Sometimes people don't realize they might qualify for additional assistance. Also, if your job is truly physical and taking a toll, you might want to talk to a doctor about whether you'd qualify for SSDI instead - that would give you your full benefit amount rather than a reduced retirement benefit.

If ur trying to reach the SSA to discuss your options good luck lol... i spent 3 weeks calling about my own retirement questions and couldnt get thru. Busy signals, disconnects, 4 hour holds. Finally used this service called Claimyr (claimyr.com) that got me thru to a agent in 20 mins. They have a video showing how it works https://youtu.be/Z-BRbJw3puU The agent I spoke with ran calculations for me at different ages and it REALLY helped me decide. Worth talking to them directly for your situation since you have the work income complication.

I took mine early and have zero regrets. For me life isnt about maximizing every dollar, its about TIME. I'd rather have less money for more years of freedom than more money but fewer years to enjoy it. Just my 2 cents :

Just to add to my earlier comment: many people don't realize there's a middle ground. You don't have to claim at either 62 or your full retirement age of 67. You can claim at any point in between. For instance, if you worked until 64 and then claimed, your reduction would only be about 20% instead of 30%. Or claim at 65 for roughly a 13.3% reduction. If your health is starting to make work difficult, but you're concerned about the lifetime reduction, this might be a good compromise. It also helps you avoid the worst of the earnings test issues if you plan to stop working completely at the time you claim.

One more consideration: have you looked into whether you might qualify for any needs-based assistance programs that could help bridge the gap until you reach your full retirement age? Things like SNAP benefits (food stamps), energy assistance programs, etc. might help you manage if you decide to stop working before claiming Social Security. Also, some states have additional supplemental programs for seniors with limited income. These resources could potentially help you delay claiming until at least 65 when Medicare kicks in, which would reduce your healthcare costs significantly compared to marketplace insurance before 65.