Worried About Social Security’s Future at 62?

With all the headlines about Social Security shortfalls and mounting uncertainty about future benefits, it’s no wonder clients are asking: “Should I take my Social Security at 62 before the system changes?” As I shared with Kiplinger, making this decision out of fear rarely serves you well. Unless your financial plan clearly shows otherwise, grabbing Social Security early can lock in a permanent reduction—up to 30% less than waiting until your full retirement age. And if benefit cuts do happen, early claimers could face a "double whammy" of both early-claiming penalties and potential across-the-board reductions.

Instead, the decision about when to claim Social Security should be grounded in your unique retirement strategy—factoring in your health, family situation, longevity, and overall savings. Delaying benefits (as much as your plan allows) typically means a higher monthly payout, larger cost-of-living increases, and more flexibility for your spouse if you’re married. Of course, if you have a serious health concern or an urgent financial need, early claiming can make sense, but let those be the drivers—not just anxiety about future legislation.

The Social Security landscape is in flux, but knee-jerk reactions can lock you out of long-term financial security. If you’re at this crossroads, let’s build a plan together that considers all the angles—so you’re making a well-informed decision, not just reacting to uncertainty. Your financial future is too important to leave to headlines.