How to retire at 62 on Social Security?

To collect Social Security at 62, you apply online at the Social Security Administration (SSA) website, providing documents like W-2s, your birth certificate, and proof of citizenship, but your monthly benefit will be permanently reduced (around 30% if your Full Retirement Age is 67) because you're starting early, so weigh this against needing income sooner or letting investments grow.

How soon before I turn 62 do I apply for Social Security?

You can apply for Social Security benefits up to four months before you want them to start, with the earliest eligibility beginning at age 62, meaning you can apply as soon as you are 61 years and 9 months old for benefits to start the month after your 62nd birthday (or the month you turn 62 if born on the 1st or 2nd of the month). The Social Security Administration (SSA) recommends applying early to allow processing time, ensuring your payments begin without delay. 

How do I start my retirement process at age 62?

You can typically get monthly Retirement benefits starting at age 62 if you've worked and paid Social Security taxes for 10 years or more. In most cases, you can apply while still working.

Can I still work full time if I collect Social Security at 62?

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

THIS Is the Perfect Age to Retire (Backed by Data) — And the #1 Mistake to Avoid

What is the downside to taking Social Security at 62?

The primary disadvantage of claiming Social Security at age 62 is a permanently reduced monthly benefit, potentially by up to 30%, because you're taking it at the earliest possible time, not your Full Retirement Age (FRA), which is usually 67 for those born after 1960. This smaller base amount also leads to smaller future Cost-of-Living Adjustments (COLAs), meaning your benefit grows less over time, and it can impact spousal/survivor benefits, limiting your lifetime income potential significantly. 

How much money will I lose if I retire at 62 instead of 65?

If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent.

What documents do I need to retire at 62?

Documents we may ask for include:

• Your Social Security card or a record of your number.
• Your original birth certificate, a copy certified by the issuing agency, or other proof of your age. ...
• If you were not born in the U.S., proof of U.S. citizenship or lawful alien status.

Is it better to apply for Social Security in person or online?

Applying for Social Security online is generally easier, faster, and more convenient for most people, allowing you to start anytime from home and save progress, but applying in person or by phone might be better for complex cases, ensuring accuracy with direct help, or if you're uncomfortable with online forms, though in-person visits often need appointments. For standard retirement, spousal, or divorced spousal claims, online is best; but for survivor or child benefits, you must call or visit. 

What are the biggest retirement mistakes?

The biggest retirement mistakes involve poor planning (starting late, underestimating costs like healthcare/inflation, not having a budget) and bad financial decisions (claiming Social Security too early, taking big investment risks or being too conservative, cashing out accounts, having too much debt). Many also neglect the non-financial aspects, like adjusting lifestyle or planning for longevity, leading to running out of money or feeling unfulfilled. 

Why is retiring at 62 a good idea?

People retire at 62 for more time to enjoy life, pursue passions, reduce work stress, and spend time with family, often using the earliest eligibility for Social Security to start income, though this comes with reduced monthly benefits; other reasons include health issues or a desire for a simpler life, though financially, delaying benefits (to age 70) can significantly increase lifetime payments.
 

What is the average pay if you retire at 62?

For people born in 1960 or later, the FRA is 67. As of the end of 2024, the average retired worker's monthly benefit at 62 was $1,342, or $16,104 annually.

Is it better to retire in December or January for social security?

Starting Social Security in January is generally better than December because you'll receive an extra month of benefits and potentially benefit from the new year's Cost-of-Living Adjustment (COLA), plus it allows you to capture more Delayed Retirement Credits (DRCs) if you're waiting past Full Retirement Age (FRA). Waiting until January locks in a full month of credit and ensures you get the latest COLA before potentially working into the new year, maximizing your benefit, notes MassMutual and Rand Financial Planning. 

What is one of the biggest mistakes people make regarding social security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

Do I need to notify social security when I turn 62?

No, you don't have to notify Social Security just because you turn 62; it's an option to apply for early retirement benefits, but you must actively apply online, by phone, or in person if you want payments to start, as they don't start automatically, and applying earlier reduces your monthly amount permanently. You should apply when you're ready to receive funds, but it's crucial to understand the trade-offs, as delaying benefits up to age 70 increases your monthly payment. 

What must I do when I turn 62?

What To Do The Day You Turn 62

1. Make A Social Security Plan. Social Security is a whole different ball game for high-net-worth individuals. ...
2. Avoid Tax Headaches. ...
3. Consider Long-Term Care. ...
4. Create Some Retirement Goals.

What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate ($240k x 0.05 / 12 = $1k/month). It's a motivational tool to estimate savings goals (e.g., $3,000/month needs $720k), but it's one-dimensional, doesn't account for inflation, taxes, or other income like Social Security, and assumes steady 5% returns, making a personalized plan essential. 

How many hours can I work if I retire at 62?

You can work as many hours as you want at age 62, but your Social Security benefits might be reduced until you reach your Full Retirement Age (FRA), typically 67; after FRA, there are no earnings limits, and you can work full-time without affecting benefits, though high earnings can make benefits taxable. The key factor is your income relative to the annual limit (e.g., ~$23,400 in 2025), not hours, as earnings over the limit reduce benefits dollar-for-dollar before FRA, but this is temporary and recalculated later. 

How to get $3000 a month of Social Security at age 62?

Only workers who consistently earn at or above the Social Security wage base limit for 35 years and strategically delay their benefits can approach this level. Key Requirements to Reach $3,000 Monthly: Maximum earnings history – Earn at or above the wage base limit ($160,200 in 2024) for 35+ years.

What does Suze Orman say about taking Social Security at 62?

Orman explained that you can start Social Security as soon as 62, but that you shouldn't. She said: "Don't settle for a reduced Social Security benefit. If you are in good health, the best financial move you can make is to not claim Social Security before you reach your full retirement age."

What is the smartest age to collect Social Security?

The "smartest" age to collect Social Security varies, but age 70 is often statistically best for maximizing lifetime benefits, as monthly checks grow significantly until then, especially for higher earners and those expecting long lives; however, claiming at Full Retirement Age (FRA) (67 for most) secures 100% of benefits, while taking it as early as 62 provides income sooner but permanently reduces payments, making it ideal for those with immediate financial needs or shorter life expectancies. 

What are common retirement mistakes?

Among the biggest mistakes retirees make is not adjusting their expenses to their new budget in retirement. Those who have worked for many years need to realize that dining out, clothing and entertainment expenses should be reduced because they are no longer earning the same amount of money as they were while working.

What does Dave Ramsey say about drawing Social Security at 62?

Claiming Social Security at 62 can be risky, because if you don't have a lot of savings to supplement your benefits, you could end up short on income.