Thinking about retiring at 62? You might want to wait.

• Author: Jenny Wolff
• Posted: 2025-08-30

Retirement is a big step, and it's all about changing the way you live and use your money. In the United States, you can start getting Social Security money as soon as you turn 62.

But if you take this money early, you're going to get less each month. Waiting longer to retire could mean more money in your pocket down the line.

Many people retire at 62 because they like the idea of getting money earlier rather than later. But be careful, as that early cash can mean losing out on a larger amount you could get later in retirement.

The monthly payment you get from Social Security changes based on when you decide to take it. If you retire earlier, you're missing out on the chance to get bigger payments in the future, which can really help you enjoy your retirement years more.

So, how does Social Security figure out your money? It bases your benefits on a few things, like how long you worked and your income. You need at least 40 credits (usually around 10 years of work) to qualify.

If you take the money at 62, you're looking at a smaller amount for life. But if you can hold off until you're 67 (if you were born in 1960 or later), you'll get all the benefits you're supposed to.
 

What can you do to get more money from Social Security?

 

• Wait Longer to Retire: Holding off on retirement until you're 70 could boost your monthly amount by as much as 32% compared to what you'd get at 62. But, it means you need to plan ahead to make sure you can wait.
• Work at Least 35 Years: Social Security looks at your best 35 working years to figure out your money. If you have years where you don't work, or you made less, it might lower your benefits. If you work more than 35 years, you can replace those lower-paid years, which can give you a better retirement check.
• Keep Your Income Up: The more you earn during those 35 years, the better your Social Security checks could be. Working hard to earn a good salary means putting more into the system, and that could boost your benefits later.

Retiring at 62 might seem tempting, but you've got to think about the long run. Learning about Social Security and planning your retirement age carefully may mean you get a much better deal, setting you up nicely for those golden years.

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