Meanwhile, the difference in your health and energy level between age 62 and age 67 could be substantial. And so if you file for Social Security at 62, you’ll get to enjoy those benefits at a time when they might allow you to fulfill more of your lifelong goals, whether it’s embarking on a month-long backpacking trip or touring national parks in an RV.
Pro No. 2: You may get more lifetime income from Social Security
Delaying your Social Security claim means taking a gamble — that you’ll live long enough to come out with more money in your lifetime by waiting to file. If you start collecting benefits at age 62 but don’t live a very long life, you may end up receiving a larger lifetime benefit than you would by waiting.
Con No. 1: You’ll slash your monthly benefit
For each month you claim Social Security ahead of FRA, your monthly benefit gets reduced. File at age 62, and you’ll be looking at a reduction of 30% if your FRA is 67. That’s a huge hit, and one that could force you to rethink your retirement lifestyle.
Also, if you end up living a longer life, then an early Social Security claim could result in you getting less total lifetime income from the program. That’s on top of a lower monthly benefit.