Taking Social Security at age 62 is a decision that comes with both advantages and considerations.

The primary benefit is the possibility of receiving a monthly income earlier than the full retirement age, which can provide financial support for those in need. Taking benefits at this age allows you to enjoy them as soon as possible. However, there are factors to contemplate.

First, taking benefits at 62 results in a reduced monthly payment compared to waiting until the full retirement age. Those who claim at 62 years and 1 month will see an average payment of $1,254.53. Additionally, early claiming can have long-term implications, as benefits will be permanently reduced.

Furthermore, if you continue to work while receiving benefits, your earnings may impact the amount you receive. It’s crucial to evaluate personal circumstances and consult financial advisors before making a decision.

Consider these tips from an expert before you make your decision.

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