When does claiming Social Security early at 62 actually make sense?

Claiming early makes sense in several real situations, even though it permanently cuts your check by about 30% if your FRA is 67. Good reasons include serious health problems or a family history suggesting a shorter life expectancy, an urgent need for income with no other savings to bridge to a later claim, or being the lower earner in a couple where it makes sense to start some cash flow while the higher earner delays to 70. It can also help someone who is fully retired and would otherwise draw down investments at a bad time in the market. The break-even age between claiming at 62 and waiting is usually the early-to-mid 80s, so if you do not expect to reach that, early claiming can win. Run your personal break-even at wealthserene.com/tools/social-security-optimizer.