If you are approaching the age of 62, you are likely aware that this is the minimum age for Social Security benefits. If you wish, you can choose to access these benefits at this time.

However, there are some negatives to doing this. Particularly if you also qualify for Social Security Disability (SSD), you may be wondering if you should wait to withdraw Social Security. According to the National Council on Aging, it is best practice to not withdraw Social Security before you absolutely must.

What is the difference between SSD and Social Security?

Both SSD and Social Security are for American citizens who have a long work history. Social Security is what every single American pays into with their taxes, and SSD is specifically meant for those who suffer from disability. There are actually two different types of disability insurance: SSD and something called Supplementary Security Income (SSI).

SSI is for individuals who have disabilities and extremely limited income. The majority of individuals who qualify for SSI have a very limited work history or none at all.

Why should I not withdraw Social Security at 62?

Withdrawing social security at age 62 means that you will get the lowest possible amount of Social Security. If at all possible, it is best to wait as long as possible before trying to apply for it.

However, in certain circumstances you may need to apply to Social Security. One relatively common occurrence is a person needing money while they are applying for SSD. In this case, it may be possible to get retroactive SSD payments.