4 Reasons to Take Social Security Now

For years, you’ve probably heard the same advice over and over: Wait until age 70 to start collecting your Social Security benefits. After all, the longer you wait, the bigger your monthly check will be. For every year you wait after your full retirement age, your benefit grows by 8%. If your full retirement age is 67, that could mean a 24% bigger check at age 70.

That’s a powerful incentive, but it’s not the whole story. A good financial plan isn’t about chasing the biggest possible number; it’s about making the choice that gives you the best life. Sometimes, the smartest move is to start getting that money now, even if it means a smaller check.

Here are four situations where taking Social Security now makes a lot of sense.

1. You’re 62, but the Income Makes a Difference Right Now

This is the most common reason to start early. At age 62, getting a Social Security check, even a smaller one, could make a big difference in your daily life. It could mean you don’t have to accumulate credit card debt, or it could give you the freedom to travel or pursue a hobby you’ve been putting off.

The Social Security Administration has a rule about how much you can earn while collecting benefits before your full retirement age. In 2025, that limit is $23,400. If you earn more than that, some of your benefits will be temporarily withheld. But if you aren’t working or have a low income, this isn’t a problem. Yes, your payments will be permanently reduced for life—for someone with a full retirement age of 67, claiming at 62 means your payments are 30% smaller. But what’s the point of a larger benefit later if you have to struggle to make ends meet today? The extra money now is often more valuable than a bigger check years down the road.

2. You’re at Your Full Retirement Age, and You Need the Money Now

This is an easy one, but many people still hesitate. If you’ve reached your full retirement age—which is 67 if you were born in 1960 or later—you can begin taking benefits with no reduction whatsoever. There are no earnings limits to worry about. The only benefit of waiting is that 8% annual increase.

But let’s think about the value of that money today. If your full benefit is, say, $2,500 a month, that’s $30,000 a year that could be used to pay down debt, cover your living costs, or give you a safety net for unexpected expenses. The peace of mind from having that steady income is often worth far more than a bigger check three years from now.

3. You Don’t Expect to Live a Long Life

This is a tough topic to think about, but it’s a critical part of the decision. Social Security is a program that protects against outliving your savings. The longer you live, the more you benefit from delaying your start date. But if you have health issues or your family has a history of not living to a very old age, the math changes.

Someone with a short life expectancy will likely collect more over their lifetime by taking benefits early. For example, someone who starts collecting at 62 and passes away at 75 will have received far more total money than someone who waited until 70 to start. It’s a difficult calculation, but a necessary one to ensure you get the most out of the benefits you’ve earned.

4. You Don’t Want to Risk a Future Benefit Cut

This is a reason many people don’t talk about, but it’s a very real concern. The Social Security system is facing a funding problem. According to the latest projections from the Social Security Trustees, the trust fund that pays retirement benefits is expected to run out of money by 2033. At that point, unless Congress acts, Social Security will only be able to pay about 77% of the benefits that are scheduled.

While most people believe our leaders will eventually find a solution, there’s no guarantee. It’s a political issue with no easy answers. If you wait until age 70, you’re essentially betting that politicians will fix the problem before your retirement is impacted.

By taking your benefits now, you get your money as it is today. You can use it to cover your expenses or invest it. This gives you a sense of control and certainty that a future, possibly reduced, benefit may not offer.

So, why should you claim Social Security now? It’s a simple idea: a guaranteed payment today can be more valuable than a bigger one that might not fully materialize in the future.