Most advice says I should wait to claim Social Security because my monthly benefit will be higher. If that happens, Social Security would still collect payroll taxes and pay benefits, but retirees could face an across-the-board cut of about 22 percent. That said, there are several situations where claiming Social Security at 62 can make good financial sense. If you’ve stopped working and need income for basic expenses, Social Security can provide a steady check right away. Some retirees also claim Social Security early to reduce withdrawals from their IRA or 401(k) during market downturns.