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  1. Retirement
  2. Social Security

Claiming Social Security Early Can Be a Savvy Move in a Down Market

Published: Dec 06, 2022 7 min read
A person is playing a hand of poker using the Social Security card to cash out big
Money; Getty Images

What happens if your investments are down just as you're heading into retirement? The nest egg you’ve been building for decades could have taken a major hit, and pulling it out now locks in that loss.

The advice to delay taking Social Security as long as possible can be a good strategy for people without other savings if they are still able to work. But if you have retirement savings and no employment income, taking Social Security early can give your investments time to rebound and give you a better quality of life in retirement.

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Early Social Security claiming affects your monthly payment

If you were born after 1960, your full retirement age for Social Security benefits is 67, and you can take Social Security retirement as early as 62. Your monthly payment amount from Social Security is determined by what you’ve paid into the system through payroll taxes. To find out your personal monthly benefit at full retirement age — aka your Primary Insurance Amount — create a My Social Security account at ssa.gov.