You can start taking out Social Security as soon as you hit age 62. Many people wait before tapping their benefits, and others start receiving checks the moment they become available.
While pulling from Social Security at age 62 results in lower paychecks, some people rationalize it by saying that they can use the money now and rely on savings later, or that they can invest the money now and generate a higher return on their investment. However, using Social Security early can result in costly mistakes, especially if you consider the long-term math.
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Why waiting means larger checks
For Social Security, the maximum benefit in 2026 is $2,969 per month if you start receiving benefits at 62, compared to $5,181 per month if you wait until age 70.
You may be tempted to get your benefits ASAP and invest them. But keep in mind that if you invest the money you get through Social Security benefits, you’re relying on the financial markets to perform well. The markets are volatile, and your money doesn’t have as much time to recover as it would for a younger investor, since you’re closer to the point in which you’ll need the money.
If you wait a few more years before tapping into Social Security, you can also work longer, potentially resulting in higher payouts. Social Security assesses your lifetime earnings and reviews your 35 most productive years when calculating how much to give you, so if you work another few years when you’re paid more than you were early in your career, you can replace lower-earning years for higher ones. Higher earnings typically translate to higher benefits.
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The long-term math
If you take out Social Security right away and only end up with $2,969 per month, that eventually may not be enough to cover living expenses. Taking out Social Security can also lead to an early retirement, which isn’t the right move for everyone. Although earning $2,969 per month at 62 brings in more money initially than $5,181 per month at 70, you’re locking in a lower benefit than if you wait.
It’s a lot easier to cover expenses with $5,181 per month than it is to cover expenses with $2,969 per month. Both Social Security checks will be adjusted for inflation, but even if they go up by the same percentage, you get more money added to your check each year if you have the larger benefit to start. The higher Social Security checks can also provide long-term financial peace of mind, while rushing to take smaller checks may lead to bad financial decisions, such as retiring too early.
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How to determine when to tap Social Security
Keep in mind that the best time to take out Social Security will depend on factors like your specific financial situation and your spouse’s benefit options. For some people, receiving benefits soon after they turn 62 may make sense or be necessary.
But often, you don’t have to take out Social Security at 62 if you have a strong financial plan, savings and other forms of income. Working for a few more years (which can include part-time work or side gigs) or relying on other retirement savings accounts can help you cover expenses while you delay tapping Social Security. Downsizing may also be a way to make more money so you can put off Social Security.
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