3 Things to Consider Before Applying for Social Security Benefits at 62!

Turning 62 is a significant milestone for many people. For many, it marks the end of a long career and the beginning of their journey into retirement. One of the biggest changes when you turn 62 is your eligibility to claim Social Security benefits. This can become a primary income source for retirees, but deciding when to apply for these benefits is a big decision, and once made, it can’t easily be undone.

If you’re turning 62 in 2025 and are considering claiming Social Security, here are three important things you need to know before you take that step.

1. You Can’t Claim Benefits Until You’ve Been 62 for the Entire Month

Though you can apply for Social Security up to four months before your 62nd birthday, there’s a key rule that might surprise you. You can’t claim benefits until you’ve actually been 62 for the entire month.

For example, if you were born on March 21, 2025, you won’t be eligible to receive benefits until April 2025. Your first Social Security check would then arrive in May 2025.

The Social Security Administration has a specific way of processing these payments. Benefits are paid the month after they are due. So even though you reach 62 in March, you’ll have to wait until the next month to begin receiving payments.

Additionally, the day of the month that you receive your Social Security payment is determined by your birth date:

• Born on the 1st to the 10th: Payments arrive on the second Wednesday of the month.
• Born on the 11th to the 20th: Payments arrive on the third Wednesday of the month.
• Born on the 21st to the 31st: Payments arrive on the fourth Wednesday of the month.

So, in our example, if you turn 62 on March 21, 2025, your first check will be issued on May 28, 2025, and you will need to rely on other income sources until then.

2. Claiming Social Security at 62 Can Permanently Lower Your Monthly Payments

Many people apply for Social Security benefits at 62 because they want early access to their retirement funds. However, there’s a downside to this. Claiming benefits before your full retirement age (FRA) reduces your monthly payments for the rest of your life.

Your full retirement age (FRA) is based on your birth year, and it usually falls between 66 and 67 years old. If you apply for Social Security benefits before your FRA, your monthly benefits will be permanently reduced.

If you claim benefits early, you lose five-ninths of 1% for each of the first 36 months you claim before your FRA. After that, the reduction increases to five-twelfths of 1% per month. This means that if your FRA is 66, claiming Social Security at 62 could reduce your monthly benefit by about 25%. If your FRA is 67, the reduction could be as high as 30%.

In 2025, the average monthly benefit is $1,967. If you apply at 62 instead of waiting until your FRA, your monthly payment could drop as low as $1,377. While this might not seem like much in the short term, it can add up over the years.

However, there are exceptions. If you have a shorter life expectancy or if you need the extra income immediately, claiming early might be the best choice for you. But if you don’t face these challenges, waiting until your FRA (or even later) will generally result in a higher lifetime benefit.

Additionally, you can continue to delay claiming Social Security after your FRA. For each month you delay, your monthly benefit will increase by about two-thirds of 1% until you reach age 70. After that, there’s no more increase, and you will start receiving your maximum benefit.

3. Claiming Early Can Affect Your Family’s Survivor Benefits

Another important consideration when claiming Social Security at 62 is how it affects the survivor benefits available to your family after you pass away. Social Security provides survivor benefits to your spouse and dependent children. These benefits are usually based on the amount you’re entitled to at your full retirement age (PIA), not the reduced benefit you receive if you claim early.

If you claim Social Security early, not only will your benefits be lower, but the amount your family receives after you pass away will also be reduced. This means that delaying your claim might be a better option if you want to ensure your family receives the full survivor benefits.

Keep in mind that spousal benefits work a little differently. A spouse can claim up to one-half of the worker’s PIA, no matter when the worker claims benefits. However, a spouse can’t begin claiming spousal benefits until the worker applies for Social Security. If the spouse decides to claim their benefits under their FRA, they could see their checks reduced.

Before making a final decision, it’s important to understand these rules and consider how your decision will impact your family’s financial future.

The $22,924 Social Security Bonus Most Retirees Completely Overlook

Once you claim Social Security, it’s difficult to change your mind. If you claim early and later decide it wasn’t the right choice, you do have one option: you can withdraw your claim within the first 12 months. However, you would need to pay back all the benefits you’ve received, which can be a challenge for many people.

It’s crucial to take your time and think about whether claiming Social Security at 62 is the right choice for you. If you’re unsure, it’s a good idea to do some online research or consult with the Social Security Administration before you apply.

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