Sat Oct 05 2024, by Tyler Gardner

Four Key Life Considerations Before Taking Social Security at 62

Even though I still plan on taking my social security at 62 years old, here are four life considerations that might make me change my mind.

1. My Spouse

40% of couples rely on social security for over 50% of their income. By waiting until 66, or full retirement age, my spouse could receive a higher monthly spousal benefit based on my increased monthly payout.

2. My Life Expectancy

The average American is currently projected to die at 79 years old. And my break-even point between taking benefits at 62 versus 66 is 77 years old. But, apparently, if I make it to 65, I also have a 50% chance of living past 85. Go flip a coin, see how you feel.

3. My Health Needs

Even though I can enroll in Medicare at 65, by delaying social security benefits, I have more time to assess my needs. And with healthcare averaging $13,000 a year right now for retirees, that higher annual benefit might end up being crucial.

4. My Desire to Work or Not to Work After 62

If I wanted to keep working after 62, with my benefits being docked $1 for every $2 I earned over $22,320, mathematically it would make more sense to wait until full retirement age or beyond.

But as of right now, I'm still planning on 62. But the above should help you decide what's right for you.

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