Turning 62 is a significant milestone for many. It often marks the end of a long career and opens the door to Social Security benefits. However, deciding when to claim benefits is a big decision that can have lasting consequences. If you’re thinking about applying for Social Security in 2025, here are the key things you need to consider.
Table of Contents
Eligibility
You’re not eligible for Social Security benefits until you’ve been 62 for the entire month. Here’s how it works:
- If you’re born on the 1st or 2nd of a month, you can claim benefits in your birth month.
- If your birthday falls later, eligibility begins the following month.
For example, if you turn 62 on March 21, 2025, you won’t qualify for benefits until April. Since Social Security pays benefits a month in arrears, your first check will arrive in May. Additionally, the day of the month you receive your check depends on your birthdate:
| Birthdate Range | Payment Schedule |
|---|---|
| 1st–10th | Second Wednesday of the month |
| 11th–20th | Third Wednesday of the month |
| 21st–31st | Fourth Wednesday of the month |
So, for a March 21, 2025, birthday, the first payment would arrive on May 28, 2025.
Reduction
Claiming Social Security at 62 comes with a tradeoff: permanently reduced benefits. The reduction depends on your full retirement age (FRA), which is based on your birth year and falls between 66 and 67. Here’s how the reduction works:
- First 36 months: Five-ninths of 1% per month.
- Beyond 36 months: Five-twelfths of 1% per month.
For someone with an FRA of 67, claiming at 62 reduces their benefits by 30%. This could lower the 2025 average monthly benefit of $1,967 to $1,377. However, delaying beyond FRA boosts benefits by two-thirds of 1% per month until age 70.
While early claiming might be necessary for those with limited resources or a shorter life expectancy, delaying benefits usually leads to a higher lifetime payout.
Impact
Social Security also supports your family after your death through survivors benefits. If you’re not already claiming benefits, survivors benefits are calculated based on your full retirement benefit (PIA). However, if you’ve started collecting benefits, survivors benefits are based on your actual payments.
Claiming early reduces not only your benefits but also what your spouse or dependents can receive after you pass away. This makes delaying benefits a better option if your family’s financial needs are a concern.
It’s worth noting that spousal benefits follow a different set of rules. A spouse can receive up to 50% of your PIA, but only if you’ve already claimed Social Security. Early claims by your spouse can reduce their benefits, too.
Considerations
If you claim Social Security and later regret it, there’s a narrow window to reverse your decision. Within the first 12 months, you can withdraw your claim, but you must repay all benefits received. For most, this is financially challenging, so it’s best to be confident in your decision before applying.
If you have questions, consult resources like the Social Security Administration’s website or reach out to a representative for clarification.
Deciding when to claim Social Security is a pivotal choice that requires careful thought. By Knowing the rules and implications, you can make a decision that best supports your financial goals.
FAQs
When can I claim Social Security at 62?
You must be 62 for the entire month to qualify.
What happens if I claim early?
Claiming early reduces your monthly benefits permanently.
Can I undo my Social Security claim?
Yes, within 12 months, but you must repay all benefits.
How does claiming early affect survivors benefits?
It reduces the benefits your family receives after you pass.
When will I receive my first check?
Payments start the month after your eligibility.
