Over four million Baby Boomers will turn 65 this year — a benchmark affectionately known as “Peak 65.” It’s a huge demographic milestone that’s expected to put even more pressure on the Social Security system, which keeps current retirees on the payroll through contributions from younger workers.
Although professionals tend to recommend waiting until your full retirement age or even 70 before collecting, the majority of Americans elect to take their benefits early. The Social Security Administration estimates nearly half of retirees take their benefits between 62 and 69 years of age.
So why do so many people take the early route? Here are five good reasons why starting your Social Security checks at age 62 could make sense for you.
1. You’re dealing with health issues
If your health is poor or your life expectancy is shorter, it could be wiser to take Social Security early. The full retirement age (FRA) for individuals who turn 62 in 2025 is 67, but if you feel like you may not live that long, taking it now means you’ll receive something from the system you’ve contributed to your entire life.
This choice might be a good alternative if you’re not married and don’t care whether or not waiting for benefits might affect a surviving spouse. Having your money now might be worth more than waiting for a slightly larger check later on.
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2. You’re ready to stop working
Come on — not everyone needs to work until the age of 67. There are plenty of older workers in physically demanding positions, and after decades of working, their bodies start to protest. More than half of workers 50 and over report they have physically demanding or hazardous work, the OECD’s 2025 Employment Outlook reports.
If your work is harming your health or energy, retiring early and taking Social Security at 62 can be for you. Yes, your check will be smaller each month, but you’ll be getting something of equal value — peace of mind and time.
3. You need the money now
As prices rise on everything from groceries to health care, many aging Americans simply can’t wait. The 2025 2.5% cost-of-living adjustment (COLA) brings in a mere $50 more a month for the average retiree — barely enough to keep up with inflation.
That’s why many seniors claim early. During the Great Recession, nearly 40% of retirees started Social Security at 62 just to pay their bills. And even today, about one-third of new retirees do the same.
If your savings are running low or you’re struggling to cover everyday expenses, taking Social Security early can be a lifeline — even if it means a smaller monthly amount.
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4. You need to pay off debt
Another big reason people file early is debt. It may be on credit cards, medical bills, or a mortgage, but being able to collect a monthly Social Security can help you get out of debt sooner.
Others even invest their benefits in advance, on the promise of earning more than the 6–8% return they’d be guaranteed by waiting. Keep in mind, however, that’s a risk. Unless you are sure your investments will perform better than that guaranteed rate, waiting is still the better move.
5. You don’t trust the system to last
More and more Americans worry that Social Security won’t go on forever. In a recent National Institute for Retirement Security (NIRS) study, more than half of all working Americans believe the system will be exhausted before they reach retirement age.
If that’s also your concern, filing early can be a peace of mind for you — knowing that you’re getting something back from a system which you’ve been contributing to all these years. While experts in finance claim the system won’t collapse anytime soon, it’s understandable that people won’t want to risk it.
The trade-offs to consider
Sure, claiming at age 62 has some downsides. You’ll take a 30% lower benefit for life compared to waiting to your age for full retirement benefits. You’ll also see lower cost-of-living adjustments along the way, and if you keep working, you might see temporary benefit reductions based on income limitations.
But for many, the psychological and financial gains of claiming early outweigh the math.
Read this later: How could a government shutdown on September 30 affect Social Security? This would happen with SSI and SSDI check payments