Americans can claim their Social Security benefits as early as age 62. However, if you retire early , your benefit amount will be reduced for the remainder of your payouts.
The full retirement age is 67 for those born in 1960 and later. Everyone must start their benefits at age 70 when their monthly payment will be the highest.
At what age should you start collecting? Consider these Social Security regrets people have confessed to on Reddit before you file for benefits.
Find Out: 8 must-do things before 60 for a stress-free retirement
1. Not retiring at 62
Taking Social Security benefits at 62 means you’ll receive a reduced benefit for the rest of your life. However, multiple Reddit users admit their regret of not retiring at 62.
Umanday said, “Retired at 65 because I promised myself I would. I should have done it at 62. That being said, the only thing keeping me working was the same fear you have. Go for it. Doing things solely for money can be a dead end.”
User hawkwings wrote, “I retired at 62 and started taking Social Security at 66. I lived off of savings for a while, but when my net worth dropped below a certain level, it scared me, so I started taking Social Security. I don't regret it.”
AllSoulsNight came to warn others: “Knew too many people who didn't live long enough to get SS. Our tax guy said it all evens out in the long run. Retired at 62 and didn't look back.”
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2. Missing work
Full-time employment provides a lot more than just a paycheck. It provides a sense of accomplishment, social connection, and mental challenges. User leek54 took to Reddit to warn other retirees about their regrets about retiring.
“I retired at 67 and I regret it. I regret retiring when I did because I miss work. I think I should have continued to work longer.
"I miss the challenges and the productivity. I miss the social aspects of work and I miss earning money so that I don't need to use my savings for living expenses, and could spend within reason whatever we wanted.”
3. Forgetting about health care expenses
Health care is one of the biggest expenses for retirees. Since Medicare isn’t available until age 65, you should take a good look at how much your medical expenses will be if you decide to retire early.
Reddit user Lirudegurl33 wrote about their mom’s experience of retiring early. They wrote, “My mom definitely regretted her decision on retiring early.
"She made incorrect assumptions of what was going to be covered as she grew older. She also didn’t anticipate certain health issues that came out of nowhere and how Medicare is not a stellar health care provider.”
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4. Relying on spousal support
Partners are able to receive their spouse’s Social Security benefits after they pass, under certain circumstances. Unfortunately, you are not always entitled to 100% of your spouse’s benefits.
Reddit user Physical_Ad5135 warns about her friend’s experience. “Friend took early and they made it fine with both hubs and her, but she was in bad shape when he passed away a couple of years after retirement. Someone said you can always go back to work, but don’t count on that.”
5. Taking benefits early
Not everyone is glad they took early retirement. Reddit user Aromatic-Leopard-600 shared this: “I regret taking it at 64. I didn’t know I was going to live this long.”
Other users shared that if your parents and grandparents lived over 85, you should wait as long as possible to claim your benefits.
6. Retiring before everyone else
When you’re retired, you're free to spend your days doing whatever you want. However, if your spouse and friends are still tied to their 9-to-5 jobs, you might find yourself lonely.
Reddit user PM_meyourGradyWhite warns: “Almost two years and retired kinda early at 61. Lots of freedom. Checking things off the near-term list. My problem is my wife still works, as do almost all my friends. I go fishing alone frequently, which is kinda sad.”
Make Money: 8 things to do if you're barely scraping by financially 7. Returning to work
According to the 2024 Annual Retirement Study conducted by Allianz, nearly two-thirds of Americans are worried about running out of money in retirement. Many people retire and take Social Security, then get scared they won’t have enough.
A former SSA employee, Equivalent_Gain_6033, shared their experience processing claims. “I processed retirement claims for SSA for 12 years. I think it's more about how you feel on a set income.
"I would tell my claimants to take the monthly benefits x 12 to see the annual amount and if they liked that number. Most people returned to work, and most regretted it.”
8. No regrets
VanderskiD was frank in response to a Reddit user’s question about regretting taking Social Security at age 62.
“Nope. Not for one minute. Since there is no way to predict lifespan, we wanted to live fully now and try not to worry about SS money for the future.
"I don’t really think there is a right or wrong answer in the broad picture, but it really comes down to your lifestyle and personal preferences.”
Bottom line
Before you file for Social Security, check your readiness to retire . If you do take your benefits early and regret it, there is a way to fix it, called a withdrawal.
The Social Security Administration allows you to cancel your application within 12 months as long as you repay any benefits. You will then be able to reapply for benefits at a later date.
If you’re having trouble deciding when to start your benefit, consult a financial planner. They'll take an objective look at your finances, discuss estate planning and long-term care, and many other retirement issues.
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt . Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
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