Whether to collect Social Security at 62 depends on your individual circumstances. There are many reasons that you may want to collect Social Security early.
But what are the benefits of signing up for benefits at 62? And does it really hurt in the long run? Here are some pros and cons of collecting Social Security benefits at 62.
Pro 62 Retirement: Life Expectancy Allows for More Benefits
Few people want to discuss their life expectancy, but no one is immortal. In the United States, the average man lives for 74.5 years, and a woman lives for 80.2 years.
So, if a man starts collecting Social Security benefits at age 62, and lives the average number of years, he will have 12.5 years of collecting, rather than waiting until 70 and receiving only 4.5 years of benefits. Living until 80 allows you to collect even more. You’ll have 18 years of collecting benefits instead of the 10 if you wait until 70….