Maximizing Social Security Benefits: Key Strategies for Early Claiming and Bonus Payments

There are two no-brainer reasons to claim Social Security benefits at age 62. The first reason is if your health deteriorates in your late 50s or early 60s, especially if your health condition will likely lower your expected life span. The second reason is if you can't make ends meet financially. However, filing for Social Security benefits at age 62 comes at a cost, as your monthly benefits will be around 30% lower than if you waited until the full retirement age of 67.