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Level 1

Applying for social security at 62

I recently retired, at 61, after 30 years in my state retirement system. I've just begun a part-time job but do not intend to become full-time at any point. My question is: since I'm not adding substantially to my social security account, should I begin drawing social security at 62? I'm thinking that since I'm no longer working full-time, there's no advantage to waiting because my monthly social security income will no longer be increasing (it would be a different story if I were still working full-time).

2 Replies
Returning Member

Applying for social security at 62

Hi. I’m of the same age as yourself (61 and recently retired) and I’m planning to apply for SS benefits as soon as I turn 62 simply because I need extra cash flow right now. 

Employee Tax Expert

Applying for social security at 62

Hi Gabe,

It is correct that you can begin claiming social security at age 62. 

However, the longer that you delay drawing your social security income  the higher the monthly benefit you will receive.  If you start withdrawing at age 62, then your monthly payout could be permanently reduced by up to 30%.

In addition, even if you are still working part-time, the additional wage income could result in more of your social security payouts being subject to income tax.

So if you do not need the income at this stage, it is better to delay so that you get better monthly income in the future.



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