By Jeff Herman
If you’re asking ChatGPT, “Should I take Social Security at 62?” you’re not alone.
This question is trending right now. Social media is full of posts encouraging people to claim early, invest the money, and potentially grow retirement income faster.
But those close to retirement researching this question aren’t just curious. They’re concerned.
About inflation. About retirement savings. About Social Security’s future. And about making the wrong decision.
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Reason #1 | The Retirement Math Is Getting Harder
According to the 2026 Northwestern Mutual Planning & Progress Study, Americans now believe they need $1.46 million to retire comfortably, up more than 15% from last year.
At the same time:
- Nearly half of Americans worry about outliving their savings
- Many feel unprepared for retirement
- Inflation and longevity are increasing long-term retirement costs
- Propter taxes, property insurance, and healthcare costs are rising at unprecedented rates
This creates an important shift in how people think about Social Security. When retirement savings feel uncertain, guaranteed income becomes more valuable.
And that’s exactly what Social Security provides.
Reason #2 | They Keep Hearing Funding for Social Security Will Run Dry or Change
Another reason many people consider claiming Social Security early is uncertainty about the program’s future.
There’s been an uptick in headlines suggesting Social Security may “run out” or face significant changes. For someone approaching retirement, that uncertainty can create pressure to claim benefits sooner rather than later.
But the reality is more nuanced. According to the Social Security Trustees Report, even if no legislative changes are made, the system is still expected to pay a substantial portion of benefits for decades to come. Historically, when funding challenges arise, policymakers have made adjustments rather than allowing benefits to disappear.
Still, the uncertainty itself is influencing behavior.
“What if benefits are reduced later?”
“What if eligibility rules change?”
“What if I don’t receive what I’ve earned?”
These concerns are understandable, especially when retirement planning already involves many unknowns. However, claiming early based solely on uncertainty can lead to reduced long-term income, particularly for individuals who may live longer than expected.
Reason #3 | Social Influencers Are Promoting Equity Market Investments
Another growing influence on Social Security decisions is the rise of financial content on social media.
Investors increasingly hear arguments that suggest claiming Social Security early and investing the money in the stock market instead. The idea is straightforward: take the benefits sooner, invest them, and potentially generate higher returns over time.
While this strategy can sound appealing and create a sense of FOMO, it also introduces additional risk.
Social Security provides guaranteed, inflation-adjusted income for life. Market investments, while offering growth potential, also involve volatility and uncertainty.
This creates an important trade-off because markets don’t move in straight lines, and early retirement years can be particularly sensitive to volatility. This concept, often referred to as sequence of returns risk, means that poor market performance early in retirement can have a lasting impact on long-term financial outcomes.
In contrast, delaying Social Security increases guaranteed income, which can help reduce reliance on market performance later in life.
And when retirement is expected to last 20–30 years, decisions about guaranteed income become even more important.
What Happens If You Take Social Security Early
For those born in 1960 or later:
- Claim at 62 → About 30% lower benefit
- Claim at 67 → Full retirement benefit
- Wait until 70 → Benefits increase about 8% per year
That means waiting from 62 to 70 can increase benefits by roughly 70% to 76%. That same Northwestern Mutual Planning & Progress Study estimates suggest claiming early could mean leaving as much as $182,370 in lifetime benefits on the table.
In an environment where Americans believe they need $1.46 million to retire comfortably, that difference becomes even more meaningful.
The Hidden Value of Guaranteed Income
When you delay Social Security, you gain:
- Guaranteed lifetime income
- Annual inflation adjustments
- Protection from market volatility
- Reduced risk of outliving your savings
These benefits are difficult to replicate elsewhere.
And as retirement savings targets increase, like the new $1.46 million benchmark, guaranteed income becomes even more valuable.
For many retirees, this income provides:
- Confidence during market volatility
- Reduced pressure on investment portfolios
- More predictable retirement planning
- Greater long-term financial flexibility
A Simple Checklist Before Claiming at 62
If you’re considering taking Social Security early, ask yourself:
- Do I need income right now?
- How much retirement savings do I have?
- Would guaranteed income later reduce stress?
- How long might my retirement last?
- How will this decision impact my spouse?
You don’t need all the answers today. But asking these questions can help bring clarity.
When Taking Social Security at 62 May Make Sense
There are situations where claiming early may be appropriate:
- Health concerns
- Immediate income needs
- Limited retirement savings
- Strategic tax planning
- Spousal considerations
This is why Social Security decisions are rarely one-size-fits-all.
The Data Tells Us Retirement Expectations are Rising
Retirement expectations are rising.
Longevity is improving.
Financial uncertainty is increasing.
In this environment, guaranteed income becomes more valuable, not less. Taking Social Security at 62 is trending, but often for reasons rooted in fear, not strategy. That’s emotional investing.
Would you be willing to add $182,370 to your retirement?
What to Consider Next
If you’re researching whether to take Social Security early, you may also want to explore:
- How much income you’ll need in retirement
- How longevity affects retirement planning
- The role of guaranteed income
- Whether your current savings align with your goals
If you’re unsure what your next step should be, that’s normal. Many people begin by simply understanding how different Social Security decisions affect their long-term financial picture.
Taking Social Security at 62 is trending. But a thoughtful retirement strategy is built to last.
Want to discuss this topic further? Let’s schedule some time to meet HERE.
This material is for informational and educational purposes only and does not constitute investment, tax, or financial planning advice. Social Security claiming strategies depend on individual circumstances including health, income needs, tax considerations, and life expectancy. All examples are hypothetical and for illustrative purposes only. Actual outcomes may vary.
