Why You Should Consider Filing for Social Security at 62

Tom Marginau, who dedicated 32 years to the Social Security Administration (SSA), recently updated his guidebook on Social Security for 2025. His experience leads him to recommend that individuals file for Social Security benefits early, particularly at age 62. Here are three compelling reasons why he believes this is a prudent choice.

1. The Risk of Not Receiving Benefits

Marginau has encountered numerous widows whose husbands delayed filing for Social Security, only to pass away before they could collect any benefits. According to actuarial tables from the SSA, about 5% of individuals who reach age 60 will not live to see age 67. This statistic increases to approximately 11.4% for those who reach age 60 but do not make it to age 75.

This means that for every 100 people who reach age 60, about 11 will not live to age 75. While it is important to recognize that this statistic may seem more pronounced due to selective observation—similar to how one might notice more red cars after thinking about them—Marginau emphasizes that it is still a significant number. The reality is that many people do not live long enough to benefit from delaying their Social Security filing.

2. Enjoying Retirement While Healthy

Marginau identifies a key reason for filing early: the desire to enjoy retirement while still healthy. He describes himself as an "eat, drink, and be merry" type of person who wants to spend retirement income while he is young enough to enjoy it.

He acknowledges that financial planners often advise delaying benefits to maximize lifetime payouts, as individuals who live beyond age 78 to 80 may recoup the benefits lost by filing early. However, Marginau argues that if you have a family history of shorter life expectancy, it may not be worth the risk to delay filing.

Additionally, the gap between lifespan and health span in the U.S. is significant, averaging 12.4 years. This means that while the average lifespan may be around 77.5 years, many individuals do not enjoy good health during their later years. Therefore, taking benefits early can allow for travel and enjoyment during healthier years, rather than waiting until later when health may decline.

3. Financial Implications of Early Filing

Another reason to consider filing for Social Security at 62 is the impact on retirement accounts. If you retire early and begin drawing from Social Security, it allows your retirement accounts to continue growing.

For example, if an individual starts taking Social Security at age 62, they may rely less on their retirement accounts in the early years. Conversely, if they delay filing until age 70, they will need to draw more heavily from their retirement savings during those years, potentially reducing their net worth at the time of passing.

Marginau presents a scenario where individuals who file early have a higher probability of leaving behind a larger inheritance if they pass away before age 90. In one example, delaying Social Security until age 70 resulted in $157,000 less to leave behind, assuming they lived to age 90. However, if they passed away earlier, the difference could be even more pronounced, with potential losses of around $500,000 if they died at age 75.