Taking Social Security retirement benefits at 62 only makes sense in a limited number of circumstances, such as if you are single and terminally ill.
But if you are married and are not expecting to live a long time, taking benefits early could reduce the survivor benefits your spouse receives.
A widow or widower is eligible to start receiving reduced benefits on your record as early as age 60 and full benefits at their full retirement age.
In addition, children under 18 or who are disabled may receive 75 percent of your benefit. A widower or widower who is caring for a child under 16 may also receive benefits.
By delaying your payments, you are also increasing the survivor benefits your family may receive. That is particularly relevant if your spouse earns less than you do, said Brett D. Horowitz, a wealth manager at Evensky & Katz/Foldes Financial in Coral Gables, Florida.
"Ultimately, they could be taking money out of everyone else's pockets if they collect early," Horowitz said.