When is it appropriate to take Social Security at age 62?

Q: What are some reasons why someone might want to collect Social Security at 62?

– Lorna Mack, New Jersey

A: You can certainly start your Social Security retirement benefits as early as age 62, but advisers tend to advise against in most, but not all, cases.

One reason why advisers are so against claiming at age 62 is that the benefit amount you receive will be less than your full retirement benefit amount. According to the Social Security Administration, if you start your benefits early, they will be reduced based on the number of months you receive benefits before you reach your full retirement age. So, if your full retirement age or FRA is 66, the reduction of your benefits at age 62 is 25%; at age 63, it is about 20%; at age 64, it is about 13.3%; and at age 65, it is about 6.7%. What’s more, if this applies, your surviving spouse will also receive a permanently reduced benefit as well.

Still, there are times when it makes sense to claim at age 62 says Jim Blankenship, author of A Social Security Owner’s Manual.

One, you might want to start collecting Social Security benefits at age 62 if your expectation of lifespan is lower than average. “That is to say, if your health circumstances and/or family history lead you to believe that you will not live beyond approximately age 80, then starting early may be in your best interest.”

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In addition, if you have other dependents that could collect benefits based on your record, such as a young spouse and/or young children, you might choose to start your benefits early in order to enable benefits for those dependents, says Blankenship.

One strategy to consider: “Often it makes sense for one member of a couple to start benefits early, especially if the early start results in a relatively small dollar-value reduction,” says Blankenship. “For example, if an individual's early start results in a reduction from $400 per month to $300 per month, then it might make sense for that member of the couple to start earlier and therefore receive benefits for a longer period of time.” (Check out FinancialEngines.com’s Social Security claiming tool to see if this or some other strategy might make sense for you.)

Another reason to claim at age 62: You may have no other options – or inadequate savings and other sources of income. “And, if so, starting benefits at age 62 may be necessary, rather than a choice,” says Blankenship.

And one more reason why some, maybe even many people, start benefits at age 62 is this: “They just can't bear the thought of the government holding onto their money any longer,” says Blankenship.

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Robert Powell is editor of Retirement Weekly, contributes regularly to USA TODAY, The Wall Street Journal and MarketWatch. Got questions about money? Emailrpowell@allthingsretirement.com.