Should I take Social Security at 62 so I can travel and take care of my father?

By Alessandra Malito

'I used to travel a lot in the army and really miss it'

"My father took his Social Security at 62 and he is now 82." (Photo subjects are models.)

Dear Help Me Retire,

My mother passed away last week, and I moved from Tennessee into my home in Florida, where she used to live while I served. I just retired in May. On the way down to Florida, I picked up my 82-year-old father to come live with me, so I could take care of him after he lost his wife. I lost my spouse almost eight years ago. So, we are two widowers living in a large home.

My father took his Social Security at 62, and he is now 82 - pretty good for him. He now has no bills and sold his house. I am thinking about doing the same thing. I don't need the money, as I have my pension and I am currently 90% disabled and comfortable. I was thinking about taking my benefits at 62 and investing.

I used to travel a lot in the army and really miss it. The extra money would help in my adventures to new places, as well as take care of my father the way he deserves. Would it be wise to wait until full retirement age, currently age 67 for me unless the laws change, or take it and enjoy life while I am still able to?

A Retired Major

See: Can my wife and I retire early with a $2 million nest egg? We cannot reach an agreement.

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Dear Retired Major,

First, I'm so sorry for your loss, and I commend you for caring for your father in his old age.

You're right: Taking Social Security at 62 and having 20 years with it already is great for him, and it could be for you too, depending on the rest of your finances. The break-even point - which is when the difference between getting smaller Social Security checks for longer or larger checks for shorter balances out - is in the early 80s, after all.

You mention your goals are to travel more and financially support your father's caregiving. You also said you're already comfortable, but I'd challenge you to make sure you're considering everything. Think of all of the necessities: housing, utilities, groceries, healthcare, saving for the future (such as your own long-term care plans) and anything else you need to live on.

Then think of the potential emergencies: a new roof, a major car repair, an unexpected medical procedure, and so on. Look at all of your financial accounts, and be sure your emergency fund is robust enough to cover you (and if you don't yet have an emergency fund, make one as soon as possible).

There's no one right time to claim Social Security. For some, 62 is the right time, because they need the income as soon as possible, or because they don't expect to live a long life. Those who do see longevity on their side and are financially capable of delaying tend to wait until at least full retirement age (or sometimes even later, up to age 70) to max out their benefits.

You could get about an additional 8% for every year you wait between full retirement age and age 70. Comparatively, claiming early can reduce your monthly benefit; the Social Security Administration permanently reduces your benefit slightly for every month prior to full retirement age. Those are the main points when people think about their claiming strategies.

If you don't care about the potential lost income from delaying Social Security, and you create a solid financial plan for the income you do get from the agency every month, there's nothing wrong with claiming sooner. It's your benefit, after all. If that income lets you live life the way you want for the (hopefully) healthy years ahead, as well as also help your dad, why not enjoy it?

Investing Social Security benefits

If your decision to claim early is solely to invest that money, then you may want to rethink it. You likely won't beat the returns you'd get from delaying. Your investing strategy would have to be relatively risky, such as primarily in stocks, and returns are never guaranteed. Alternatively, you earn additional income for every year you wait to claim past full retirement age.

The stock market is more uncertain. "If you're feeling lucky, that's great. You might really increase your returns, but you have to be prepared to lose it as well," Social Security expert Mary Beth Franklin told Morningstar. "For many Americans, particularly those who don't have pensions, this is the only source of lifetime income they have, and it's cost-of-living adjusted."

If you invest your early benefits, look at the whole picture. "Even if you're buying an annuity, in most cases, that is not cost-of-living adjusted," Franklin added. "There's a whole lot to be said for guaranteed, cost-of-living-adjusted income for the rest of your life, no matter how long you live."

Your main priority, let's not forget, is those amazing trips.

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Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com.

-Alessandra Malito

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11-28-25 0900ET