Claiming Social Security at 62 delivers immediate income but cuts lifetime benefits substantially. For married couples, the math shows clear tradeoffs.
If both spouses claim at 62 in 2026, they receive a combined maximum of $5,938 per month. Waiting until full retirement age (66 or 67) raises that to $8,304 per month. Waiting until 70 produces $10,362 per month. The maximum individual benefit at 62 is $2,969 per month, rising to $4,152 at full retirement age and $5,181 at 70.
This decision depends on your circumstances. The article lists factors to weigh: other income sources, savings, plans to work part-time, and existing debt. Some couples use a "split strategy" where the lower-earning spouse claims earlier while the higher-earning spouse delays to lock in larger benefits. Others face no choice because of health problems, limited savings, job loss, or cash flow needs.
Claiming before full retirement age is typically irreversible after one year. You can withdraw within the first year but must repay all benefits received. After that, you can only suspend benefits.
The Social Security website lets you create an account and calculate personalized estimates for claiming at 62, at full retirement age, and at 70. Reviewing those numbers shows exactly how much income you would forgo by claiming early.