Sun Mar 16 2025, by Tyler Gardner

3 Reasons Why Locking in Social Security at 62 Could Be Your Safest Move

Here are three reasons why locking in Social Security at 62 might be the safest financial move you'll ever make. I'm Tyler, a former financial advisor and portfolio manager, and now I create financial content for free to help guide you in your decision-making.

1. The Trust Fund is Running Dry

The old trust fund is projected to run dry by 2034 or sooner if economic conditions worsen. Once that happens, benefits could automatically be cut by 20-25%, unless Congress takes action. And we all know how efficient Congress is at fixing things.

2. Unfavorable Political Climate

The political climate is not in your favor. Social Security's financial hole is trillions of dollars deep, and the only ways to fix it are to raise taxes (you hate that), cut benefits (you hate that even more), or raise the retirement age beyond 67. By taking benefits at 62, you secure your benefits before any potential rule changes occur.

3. The Argument for Early Withdrawal

Although many financial advisors tell you to wait until 70 to maximize benefits, you need to live well into your 80s just to make up for the amount you missed out on by delaying from 62 to 70. Given rising healthcare costs and decreased life expectancy in the US, I’d prefer to take my money while it’s still available.

Conclusion

So I’ve only got one question for you: would you rather gamble on the government getting it right or start collecting while the money’s still there for the taking?

If any of this is helpful, tune into my new podcast, Your Money Guide on the Side, by clicking the link in my bio.

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