Is It a Bad Idea to Start Taking Social Security at 62?

60% of the people we work with are approaching retirement or the social security age. People often ask, is it a bad idea to take social security at age 62? The only reason you should take out social security at 62 is if you have absolutely no other source of income and you need it in order to survive. For anyone else, you should be waiting until ages 67-70. If you wait until then, you are actually increasing your payout by 8% each year. Ultimately you want to spend your own dollars while waiting for your social security payment to grow.

Another fear is people think that the social security system won’t be there much longer, so they should take it while they can. Actually, 75% of social security is funded by people who are already working. Those are the people paying for social security right now. Ultimately, it is in your best interest not to take out social security at 62, but to wait.

Download our free guide: “Your Path to a Lifetime of Financial Success”

Have more questions? Contact Us

Casey Smith
President, Wiser Wealth Management

Click here to schedule a consultation with one of our financial planners.

Listen to Our Podcast:


Recent posts

  • Real Estate Syndication Investment Cautions: Insights from a Fee-Only Financial Planner

Share This Story, Choose Your Platform!

Wiser Wealth Management, Inc (“Wiser Wealth”) is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). As a registered investment adviser, Wiser Wealth and its employees are subject to various rules, filings, and requirements. You can visit the SEC’s website here to obtain further information on our firm or investment adviser’s registration.

Wiser Wealth’s website provides general information regarding our business along with access to additional investment related information, various financial calculators, and external / third party links. Material presented on this website is believed to be from reliable sources and is meant for informational purposes only. Wiser Wealth does not endorse or accept responsibility for the content of any third-party website and is not affiliated with any third-party website or social media page. Wiser Wealth does not expressly or implicitly adopt or endorse any of the expressions, opinions or content posted by third party websites or on social media pages. While Wiser Wealth uses reasonable efforts to obtain information from sources it believes to be reliable, we make no representation that the information or opinions contained in our publications are accurate, reliable, or complete.

To the extent that you utilize any financial calculators or links in our website, you acknowledge and understand that the information provided to you should not be construed as personal investment advice from Wiser Wealth or any of its investment professionals. Advice provided by Wiser Wealth is given only within the context of our contractual agreement with the client. Wiser Wealth does not offer legal, accounting or tax advice. Consult your own attorney, accountant, and other professionals for these services.

Sign up for our newsletter!

Our latest blogs, podcasts, and educational videos delivered to your inbox weekly.