When Is It a Good Idea to Claim Social Security at 62?

While this is an important factor to weigh, it doesn't mean claiming early is always the wrong choice

If you're in poor health, you don't have a lot of personal savings, or you've earned a lot less than your spouse, applying at 62 could be your best option

But even in these situations, that's not guaranteed

You have to understand how your benefit calculation works and make educated guesses your health and finances to gauge whether you should at 62

Here are some key considerations for each of the three scenarios mentioned above to help you decide

Image source: Getty Images

Lack of personal savings Every month that you delay Social Security increases your benefit until you turn 70, but delaying also means you have to cover your living expenses on your own for longer

This may not be an issue if you're still working or have a large nest egg

But those with little personal savings may find it challenging to wait even if they want to

In this case, applying at 62 is better than taking on costly debt

You may receive a smaller lifetime benefit, but the trade is worthwhile if it can keep you financially secure

However, it's not always an either-or situation

You can claim at any point between 62 and 70, and every month you wait increases your checks

Even if you can't afford to put off Social Security for years, you might consider waiting a couple of months so you can lock in larger checks for the rest of your life

Poor health Poor health is another sound reason for claiming Social Security early

Waiting to increases the risk that you could die before you receive any money from the gram

This risk exists for everyone, regardless of health, but it's a more serious concern for those who are chronically or terminally ill

Signing up at 62 lets you receive as much money as you can from the gram while you're still a

This is ly your best choice if you're single with no dependents

But if you're married or have dependent children who will be heavily dependent on Social Security survivors benefits after you pass away, you may prefer not to claim Social Security until much later or possibly not at all

When you claim early, you're not just reducing your own checks

You're also reducing the survivors benefits your family will get later

Giving them the most money possible might mean forgoing benefits yourself

Lower-earning spouse Married couples often do best when they coordinate their Social Security claiming strategy

When both have similar earnings histories, they'll bably each wind up with their own retirement benefit rather than a spousal benefit

But this isn't always the case when there's a large income disparity

If your own retirement benefit is less than your spousal benefit, which is worth up to one-half of the retirement benefit your partner qualifies for at their full retirement age (FRA), you'll get the spousal benefit instead

But you can only claim a spousal benefit if your partner is already on Social Security

When one person has significantly out-earned the other, it sometimes makes sense for the lower earner to claim Social Security at 62 so their benefits can cover some household expenses while the higher earner delays their claim

But whether this is right for you depends on each person's health and your financial situation

It's worth exploring all your options before you settle on any claiming age

You can estimate your benefits at every age through your my Social Security account

Use this as your guide in choosing a tentative claiming age

But stay open to adjusting it if your circumstances change

The Motley Fool has a disclosure policy.