3 Things That Should NOT Make You Take Social Security Benefits at 62

You’re worried Social Security is going bankrupt

Many workers and retirees alike worry about Social Security going bankrupt. If you share those concerns, then you may be tempted to file for benefits as early as possible. That way, you get what you can before the program runs out of money.

But contrary to the rumors you may have heard, Social Security is not on the verge of bankruptcy. In a worst-case scenario, the program might need to start cutting benefits in about 16 years if Congress doesn’t step in to help address its pending shortfall. But seeing as how so many seniors count on Social Security for the bulk of their retirement income, lawmakers are pretty invested in coming up with a solution.

Even if they don’t, Social Security gets the bulk of its revenue from payroll taxes, which means that as long as we have a workforce, it can continue paying benefits in some shape or form. To file early for fear of getting nothing, therefore, is a decision that’s just not grounded in reality.

Of course, there are certain scenarios where it does pay to claim Social Security as early as possible. If your health is notably poor, for example, then taking benefits early might give you more money in your lifetime. But if you’re dealing with a temporary unemployment situation, it pays to explore other options before turning to Social Security.

Similarly, if you’re thinking of filing at 62 because you’re buying into rumors or misinformation, you could end up regretting that decision later on — so at least do your research before pulling the trigger.