2. You could drain your savings if you don’t claim benefits
Sometimes, you have to retire or cut back on working hours when you’re young. If that happens when you’re 62 (or younger) and you don’t claim your Social Security as soon as you become eligible, you may need to rely on your nest egg to produce income to live on.
Without Social Security coming in, you’d inevitably need to make larger withdrawals from your investment accounts since they’re probably your other main source of retirement funds. If delaying a claim for Social Security necessitates taking such large withdrawals that you risk draining your nest egg dry, you’d be much better off starting checks at 62 to preserve your retirement savings.
3. You want a higher-earning spouse to wait to claim
If you’re married, coordinating with your spouse is crucial to making the most of Social Security. In many cases, it makes sense for the lower earning spouse to start their checks at the age of 62. Doing so could provide necessary income for the couple to live on while the higher earner delays their own claim for benefits.
Delaying the claim of the higher earner makes sense for two reasons. First, they get a bigger boost by delaying, since the increase to Social Security checks that comes from waiting to claim them is calculated as a percentage of your benefit amount. Second, a higher earner delaying their claim can result in larger survivor benefits for widows because the last surviving spouse gets to keep the higher of the two checks either partner was receiving.