7 Reasons for Retiring at 62 – Pros and Cons


No matter how old you are, the idea of retirement is appealing. The sooner you can do it, the better. However, retiring at 62 isn’t as simple as just handing in your two-week notice. Having a plan that incorporates all the retiring at 62 pros and cons will set you up for a successful retirement.

Taking the time to look ahead at how your life will change in retirement will help you avoid some of the common mistakes people make. Here are seven reasons for retiring at 62 pros and cons:

1. You Can Claim Social Security Almost Right Away

If you choose to retire at 62, you can use your early social security benefits to cover your monthly expenses. Depending on your financial situation, you may need to take the time to find a part-time job. In the meantime, your social security will help you make ends meet. You also have the option of using your early social security benefits to pursue a business or a passion project that interests you. Finding ways to earn income in a field that you’re passionate about is an example of the flexibility retiring at 62 offers.

2. You Can Avoid The Uncertainty Of Certain Social Security Programs

Cashing in on your social security as early as possible may not be a bad idea. With a recession looming and the social security trust fund set to run out in 2034, you may not get the full amount you’ve earned if you choose to wait. If you have savings to rely on, retiring at 62 is a good way to start cashing in on the social security that you earned. Again, this will give you more flexibility in how you approach your finances.

3. You’ll Have Time To Pursue Goals And Passions

As mentioned before, choosing to receive your benefits early gives you more flexibility in what you do with your time. You have the opportunity to try a new career, explore different industries, or start your own business. You’re less likely to suffer age discrimination in the job market at 62 compared to 70. At 62, you’ll still have your health and energy that you can use to pursue your interests. Again, finding ways to earn income from your interests is an opportunity you have when you cash in your social security early.

4. Retiring Early Is Good For Your Health

Out of all the retiring at 62 pros and cons, the opportunity to maintain your health has to be one of the biggest benefits. Continuing to work at a job that you don’t like, or you aren’t fully committed to has negative effects both physically and mentally. Retiring at 62 gives you an opportunity to get your diet, physical, and mental health together thanks to the newfound flexibility you have with your time. Finding ways to stay healthy and active can reduce your health insurance costs and help you enjoy more of your retirement.

5. You Need To Handle Debt Quickly

Retiring at 62 makes dealing with outstanding debts more of a priority. Debt will weigh you down during retirement and limit the types of moves you can make. Your social security benefits likely won’t be enough to cover living expenses and your debt payments. This forces you to have to get a job as soon as possible or delay your retirement.

6. You Will Need To Invest In Healthcare

Retiring early means you’ll still have to wait to apply for Medicare. Unless you qualify for a disability, you’ll usually have to wait 36 months to qualify for Medicare. Health coverage is another reoccurring expense you’ll have to budget for if you decide to retire early.

The problem with going without coverage is your entire savings are at risk. In the event something serious happens to your health, you’ll have to pay out of your savings if you choose to go without coverage. Take the time a look for a privacy policy that gives the option to stay covered until you’re eligible for Medicare.

7. You Will Have To Plan For Your Expenses To Increase

Retirement might seem like the type of life change that will save you money, but that is rarely the case. During retirement, you’ll have more time on your hands and the freedom to spend your time however you want. The hours you were spending making money are now spent enjoying what life has to offer.

Retirement encourages outsourcing tasks like yard work and repairs to other people, which can cause a hit to your expenses. Retirement also cost you more money in healthcare as it costs more to maintain your health the older you get. Before deciding to retire, make sure you have a plan in place to accommodate a lifestyle that will keep you happy.

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Pearl S. Moonriver
Hey eveyrone, this is Pearl S. Moonriver (before you ask, yes, it's a pen name). I'm an author working hard to get my first book published in print. I started this personal blog mainly to showcase my writing skills & commitment to my publishers - but hopefully, my readers will learn something from my writing as well! If you're a publisher interested in my fictional work, please contact me for more details. Thanks for your time!

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7 Reasons for Retiring at 62 – Pros and Cons

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