Why Nearly 40% of People Take Social Security at Age 62

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According the the Center for Retirement Research, 40% of men and 35% of women take Social Security at age 62, despite the math suggesting that most people should wait until full retirement age, or longer, before drawing on this important financial resource. This video explores why such a large percentage of the population takes Social Security so young.

Important Links:

Federal Reserve Board Survey of Consumer Finances:

Social Security Administration Application for Benefits

Current Social Security Cost of Living Adjustment

Social Security Payment Estimator

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
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*Questions to Ask a Financial Planner to Determine if They Know How Social Security Really Works...*

Please explain what the best age is for me to file for Social Security and Why?
Please explain provisional income to me.What is the best age for my spouse to file for Social Security if her/his retirement benefit is less than half of mine?
What are Social Security Credits and how are they calculated?What is a Social Security Breakeven Analysis and is this a good way to determine when to file?
Do I need to file for for Social Security for my spouse to receive spousal benefits.What is the Survivor Benefit and how is it determined?
What is the payout percentage difference between filing at full retirement age and minimum filing age?

HolySchmidt
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The morning of my 62nd birthday after a 13 hour night shift in a thankless, hellish nursing job, I walked into the Soc. Sec. office, started claiming and moved to HI. NOT ONE REGRET!

primordialmeow
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51 now, taking mine at 62 and gonna live in a van down by the river!

dwarden
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Regardless of how long you live. The earlier you retire, the more years you'll have to enjoy it.

gregread
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Funny how everyone that says you should work till you're seventy sits behind a desk. Alan Greenspan for example. Let's see if you can if you're a bricklayer, roofer or any type of hard labor job.

timothyward
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My brother died at 61, so yes I drew mine at 62. The statistics show I will get more this way unless I live to past 80, don't be stupid. Retire while still able to enjoy it.

steveky
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My boss, a high earner who loves his work, waited to 70. Me, I'm taking it ASAP because I'm not fond of my job and I want to move back where I grew up. I'm a low earner, and am prepared to live a very humble life but the keyword here is *live*

alexcarter
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I took mine 4 weeks ago, as soon as I turned 62. Everything that happened in 2020 was my final motivation to stop working and start really living life.

mylazydaygarden
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I get my first check on Feb 10 2021...62 years old and fully retired

toledojeeper
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A very close friend died earlier this year. 2 weeks before he turned 62. It was unexpected. Take it ASAP!

Thejoeordinary
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We are glad we retired early. While healthy we travelled a lot. We enjoyed our time.

lmr
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It was simple for me. I wanted my SS payments while I was still young enough to enjoy spending them. What good is a bigger SS monthly check if you are in an assisted living facility and using a walker? I used my SS money to buy a ski house in northern Michigan and had a ball all winter for 10 years. When I decided to quit skiing at 72, I sold the house for twice what I paid for it.

AccordionJoe
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I took mine last year..working part time ..furniture sales....my job pays my medical

cyndykated
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Just retired from Hawaii civil service (Youth Corrections Officer) on 12/30/20. Just received my very 1st social security check this Wednesday. No regrets, great decision. No more waking up at the crack of dawn, no more putting up with idiots at work (fellow guards mostly), and combined with my pension; very comfortable. I feel blessed! Thank you sweet Jesus!

markmarkyyy
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Husband took it at 62 for no other reason than he wanted to spend it and enjoy it now rather than later.

minnien
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I've got 2-1/2 years to go and if I can possibly do it I am taking it at 62. I have worked since I was 15 years old. I want to have some fun in life and forget about work.

rlynnpierce
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I'm waiting until 70 (next year) because I'm energetic, in great health and my grandmother and my parents lived well into their 90's. I view it as insurance, not an investment.

JerryStevens
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I'm 50 this year and have had hard labor jobs since I was a kid. Ive had surgery on my shoulder and now on my foot. So I also have arthritis coming on in my hands. I won't be able to work like this till I'm 70! I'm not a career politician so my body is beat up.

happydays
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I just didn't want to work anymore, that's why I took it at 62.

jonthebru
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I took it at 62 one of my coworkers waiting until 65 died day after his birthday. It was sad

joepetrone