5 Reasons to File Social Security at 62

When it comes to Social Security, people often assume the smartest move is to wait as long as possible before filing. But that’s not always the case. In fact, there are several situations where filing at 62 may make sense for you.

Here are five reasons to consider:

1. If You Don’t Have a Long Life Expectancy

The breakeven age for Social Security is usually around 81. If you live past that, delaying benefits pays off. But if your health suggests you may not live past that age, collecting earlier can be the better choice.

Think about your health condition and family history. Average life expectancy at birth is around 79, but if you’ve already reached 62, your actual life expectancy is no longer 79—it’s higher. Ask yourself: am I likely to live above average? If not, filing at 62 may allow you to maximize the benefits you actually receive.

2. If You Want to Keep Growing Your Portfolio

What if you collected Social Security early and invested it? Doing so could push your breakeven age into your mid-80s. This can look like one of two things, either you could collect the benefits and spend it or you can collect the benefits and invest it.

When you collect benefits early, it often means you’re taking less from your portfolio to maintain your standard of living. That’s something most simplified Social Security analyses don’t show. By leaving more in your portfolio, you give it a chance to grow and potentially last longer than it otherwise would have.

Now, there are no guarantees—the market doesn’t promise anything. But sometimes collecting early has a positive effect on your portfolio that offsets the negative of locking in a lower Social Security benefit.

3. If You and Your Spouse Have a Significant Age Gap

This is especially important if both of you have strong earnings histories. For example, in 2025, the maximum benefit at age 70 is $5,108 per month.

Let’s say you’re 62 and your spouse is 92. If you assume you’ll live a long time, delaying might seem logical. But in this case, waiting until 70 means you’ve collected nothing from 62 to 70. And by the time you reach 70, your spouse may have already passed. At that point, you’d switch to a survivor benefit, which will be the same as what your spouse was receiving.

So what did delaying actually get you? Nothing. You gave up eight years of payments when you could have been collecting your own benefit before switching to survivor benefits later.

If there’s a significant age or life expectancy gap, you need to run the analysis carefully. Waiting as long as possible doesn’t always make sense when one spouse is expected to predecease the other by a large margin.

4. If It Unlocks a Family Benefit

Filing early can also unlock additional benefits:

• Child benefit: If you have minor children living at home as dependents, they may be eligible for a child’s benefit—but only up to a certain age. Waiting too long could mean missing that window.

• Spousal benefit: A spouse cannot claim spousal benefits until the worker has collected. By filing early, you may allow your spouse to start collecting.

These situations are rare, but they are potential reasons to file at 62.

5. If You Simply Need the Money

Sometimes it’s just practical. If the alternative to filing is racking up credit card debt or doing something harmful to your financial situation, it may be better to take the benefit early—even if it means locking in a lower amount.

And remember, filing doesn’t have to be permanent. Depending on your age, you may have the ability to suspend your benefit later, allowing it to grow again. This can be a valuable planning tool if you know you have income coming in the future, whether from a job, an inheritance, or a big project.

Social Security isn’t always a “set it and forget it” strategy. Sometimes it makes sense to collect early when you need it, and then turn it off later so it can grow until you decide to collect again.

Final Thoughts

At the end of the day, your decision on when to collect Social Security can save—or cost—you tens of thousands of dollars over the course of retirement. That’s why it’s so important to understand all the variables involved, rather than relying on rules of thumb or advice from someone at work.

About The Author

Marc Lowe is the Founder & President of In The Money Retirement Planning. He is a Certified Financial Planner and member of NAPFA National Association of Personal Financial Advisors, XY Planning Network & Fee-Only Network. He works with retirees and those approaching retirement. He has over a decade of experience helping these folks grow their net worth, organize their finances and build better lives for themselves and their families.

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