Should You Apply for Social Security at 62 in 2025? Here’s What You Need to Know

Reaching the age of 62 is quite significant. This stage often signifies completing numerous years of work life for many individuals. Additionally, this juncture brings about qualification for Social Security benefits, which serves as a key financial resource for countless retired persons.

Applying for Social Security benefits is a significant choice, one that can be hard to reverse. If you’re thinking about filing for benefits in 2025, here are some key points you should keep in mind.

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1. You cannot apply for benefits unless you have reached your full 62nd birthday for the entirety of the month.

You can file for Social Security benefits up to four months prior to your intended claiming date; however, most individuals become eligible only after reaching full retirement age, which typically occurs later than when they turn 62. According to regulations, you have to reach 62 at some point during the month for eligibility to receive benefit payments.

If you came into this world on either the 1st or the 2nd day of any month, your birth month will mark your initial period when you're eligible for Social Security benefits. However, if your birthday falls on any other date, you must wait until the following month after your birth month before you can start claiming these benefits.

Remember that the Social Security Administration issues benefit payments one month later than their eligibility date. So, if you reach age 62 on March 21, 2025, you will become eligible for benefits starting in April 2025 but will receive your initial payment in May 2025.

Additionally, the date of the month when you receive your checks relies on the birthdate as outlined below:

• Born between January 1st and January 10th: The second Wednesday each month
• Born between November 11th and 20th: The third Wednesday each month
• Born between the 21st and the 31st: The fourth Wednesday each month

In this scenario, you could reach the age of 62 on March 21, 2025, yet your initial payment wouldn’t be issued until May 28, 2025. It would be essential to have alternative financial resources to manage your costs during this interim period.

2. Asserting eligibility at age 62 might lead to a permanent reduction in your benefits.

Stating a claim for Social Security at any age below yours full retirement age (FRA) decreases your regular payments. Your Full Retirement Age hinges on your birth year, yet it will fall between 66 and 67.

For the initial 36 months of early filing, you forfeit five-ninths of 1% each month. Should you decide to file before this period, an additional loss of five-twelfths of 1% per month applies. This implies that individuals who start receiving benefits at age 62, when their Full Retirement Age (FRA) is 66, will see a reduction of up to 25%. For those with an FRA of 67, the decrease could be as high as 30%. Consequently, someone whose average monthly benefit was $1,967 in 2025 might receive only around $1,377 per month after these reductions.

This does not imply that taking an early claim is invariably the incorrect decision. It could be the most suitable option for you if you anticipate having a limited lifespan or lack sufficient alternative sources of income. However, if these circumstances do not pertain to your situation, then it may not be the best course of action. Putting off Social Security could result in a higher total income over your lifetime. .

Moreover, you aren’t limited to stopping at your Full Retirement Age (FRA). You have the option to keep increasing your benefits beyond your FRA by about two-thirds of 1% each month until you reach the age of 70 and maximize your benefit.

3. You might decrease the assistance provided to your family members from the surviving beneficiaries fund.

Survivors' benefits from Social Security can be claimed by your spouse and dependents once you have passed away. Should you not have been receiving Social Security prior to your death, these benefits will be determined according to the beneficiary’s relation to you and your principal insurance amount (PIA), which is the benefit you would receive upon reaching full retirement age (FRA). However, if you had already begun collecting benefits, then the surviving family members’ entitlements would be calculated based on the amount you were getting during your lifetime.

If you decide to apply for benefits earlier than planned, you'll be decreasing both your individual monthly payments as well as the sum your loved ones would receive following your passing. Therefore, if financial necessity isn’t immediate, you might consider waiting before claiming Social Security.

It should be noted that the regulations governing survivor benefits are different from those for general benefits. spousal benefits With spousal benefits, the highest amount the spouse can receive is consistently half of the worker’s Primary Insurance Amount (PIA), irrespective of when the worker files for Social Security. Nevertheless, the spouse cannot apply for this spousal benefit unless the worker has enrolled first. Additionally, should the spouse decide to file for benefits based on their Full Retirement Age (FRA), doing so might decrease their individual payments.

Should you have queries regarding your Social Security entitlements, it’s wise to conduct thorough online research or contact the Social Security Administration prior to submitting an application. You can withdraw your Social Security filing within the initial twelve-month period should you reconsider; however, this requires repaying all previously received benefits, which tends to be challenging for many individuals. Therefore, it’s advisable to ensure you’re fully prepared before enrolling.

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