Why do so many people claim Social Security at 62 is a common question.
And because it elicits a lot of negative strong opinions, some baby boomers are reluctant to come out and say that they did, or intend to.
My instincts tell me that it can be an embarrassing admission for some individuals – mainly because our peer group acts like we’re dumb if we claim at 62.
However, if you claimed “early” you are not alone. You are self-reliant – capable of making decisions regardless of the popular recommendation.
And the Social Security Administration has the stats to back that up.
According to the Social Security Administration, approximately 40% to 45% of Americans claim Social Security benefits at age 62 instead of waiting until full retirement age.
Are all of these men and women stupid idiots incapable of listening to the advice of financial planners who recommend you wait before you collect?
I think not!
There are various reasons why people claim Social Security at 62.
And it’s not because they think Social Security benefits will disappear!
For most, personal circumstance is what drives their decision to do so. Health, wealth, and the pursuit of happiness encapsulating their reasoning.
Below are 3 common reasons why people collect at 62.
- Health – Some people have health problems. Others think they are predisposed by family history or genetic factors that will shorten their lives. For many years, they’ve worked hard and paid into the system. They want what belongs to them before they die.
- Tired of work – There’s more to life than a job. It’s not uncommon for people to say they hate their jobs. They’ve been looking for the earliest opportunity to call it quits and retire. They want to pursue their passions and enjoy time with family and friends.
- Investing in themselves – They’ve worked the numbers and concluded that it’s prudent to take the money and invest in themselves. They create income streams that last into old age.
Read: Is it Better to Take Social Security at 62, or Wait [Do the Math]
This is a great opportunity for John. Q. Public to answer “Why do so many people claim Social Security at 62?”
I’ve embedded 3 answers from Quora that give intelligent and valid reasons why one would do so. (A couple of the respondents claimed at 63.)
Final Thoughts
Although approximately 45% of Americans claim their Social Security benefits at 62, many baby boomers are reluctant to admit it because of peer pressure and negative opinions.
However, the decision to claim “early” is valid and for various reasons including health issues, job dislike, or a decision to put their money to good use.
Regardless of whether you decide to claim at 62, 63, or full retirement age, one’s decision is ultimately driven by personal circumstances.
Related Articles You May Like:
- What is a Self-Reliant Retiree?
- Are You Afraid to Retire? If You Are, You Must Conquer Peer Pressure
Let’s start a conversation. Did you claim Social Security benefits at 62? Why?