Near-Retirees Urged to Review Social Security at 62 to Avoid Permanently Lower Benefits
Updated
Updated · Money · Jun 9
Near-Retirees Urged to Review Social Security at 62 to Avoid Permanently Lower Benefits
3 articles · Updated · Money · Jun 9
Summary
Age 62 marks the earliest point to claim Social Security, but taking benefits too soon can permanently reduce monthly income for many near-retirees.
Social Security statements and earnings records are the first checks, because missing wages or other errors can lower benefit calculations; old W-2s, tax returns and pay stubs can help verify them.
Claiming-age comparisons matter beyond the headline monthly number: waiting until full retirement age or 70 raises benefits, while health, cash-flow needs and work plans can justify earlier claims.
Married couples are advised to coordinate timing, with the higher earner often waiting until 70 to increase a surviving spouse's benefit.
Taxes and logistics can also affect the outcome, making it useful to map retirement income, consider savings or tax-deferred accounts as a bridge, and set up an SSA account and direct deposit early.