SmartAsset logo

Helping people make smart financial decisions

Should I Take Social Security at Age 62?

Take this quiz to find an advisor who can help answer your questions

Social Security can prove to be a significant piece of anyone’s retirement plan.

During your career, money is taken out of your paycheck as a payroll tax to fund the Social Security program, but will ultimately become a monthly benefit to you in retirement.

However, when you decide to retire and begin accepting Social Security payments could have a drastic effect on your payment amounts.

The best age for Social Security benefits depends on personal and financial factors, like your current cash needs, retirement plans, health and family history. Be sure you weigh the decision carefully and don’t hesitate to find a financial advisor to talk to if you have questions.

This free retirement quiz can match you with up to three financial advisors who serve your area and are legally bound to work in your best interest.

When Should I Take Social Security to Get the Full Benefit?

There are a few different ages to keep in mind when considering taking out Social Security benefits:

Age 62

is when you can officially begin accepting Social Security benefits

Age 66 or 67

(67 for those born after 1960) is your “full retirement” age and when you’ll need to work until to qualify for the maximum monthly benefits

Age 70

is the age the maximum Social Security retirement benefit kicks in

That said, benefits at age 62, 66, or 67 are not your maximum benefits. If you claim before the age of 70, you’re not getting your full entitlement.

Each year after full retirement, your payout increases by a certain percentage based on specific criteria. To maximize on this strategy, we recommend considering holding off until you are 70 -- if your situation allows. Payments will be the highest possible, increasing by up to 8% each year you wait. Your benefit claimed at 62 is about 30% lower than it would be at age 70.

While this strategy can help you collect the highest Social Security benefit, every situation is different. Consult a financial advisor to figure out how and when Social Security benefits should factor into your unique retirement plan.

It’s never too late to get your finances straight.

It’s never too late to get your finances straight.

How to Get Social Security Advice

If you’re unsure how Social Security could factor into your retirement plan, we recommend speaking with a fiduciary financial advisor. Fiduciaries are obligated by law to act in your best interest as they manage your assets or money, and any potential conflicts of interest must be disclosed.

While the value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, research suggests people who work with a financial advisor:

Feel More At Ease

Feel more at ease about their finances

Could End Up With About 15% More

Could end up with about 15% more money to spend in retirement1

Yet knowing how to find a vetted fiduciary advisor is, for many, the most confusing task of all. Common Google searches related to the topic reveal a desperate search for direction. “Fiduciary financial advisors near me,” “best fiduciary financial advisor,” and “financial investment advisors near me” are searched for hundreds of times per day.

Finding a fiduciary shouldn’t be that hard. Thankfully, now it isn’t.

Our free matching quiz helps Americans get matched with up to three fiduciary advisors who serve their area so they can compare and decide which advisor is right for them. All advisors on the matching platform have been rigorously screened through our proprietary due diligence process. The quiz takes just a few minutes, and in many cases you can be connected instantly with an advisor for a free initial retirement consultation.

Click Your State to Get Matched With Financial Advisors Who Serve Your Area
After you choose your state and answer a few questions, you can compare up to three advisors that serve your area and decide which to work with.

Take this quiz to find an advisor who can help answer your questions