I used to think 62 was a terrible age to claim Social Security. That’s why I was wrong.

Social Security is a more flexible program than some expect. In fact, you have quite a long time to sign up for benefits, provided you are eligible for a monthly salary upon retirement.

The earliest age to register for Social Security is 62 years old. And you’re entitled to your full monthly benefit based on your personal earnings history when you reach full retirement age, which is 67 for anyone born in 1960 or later.

This means that filing between ages 62 and 67 results in a reduced benefit amount. And the sooner you apply, the more likely you are to be cut.

There is also the option to delay paying Social Security past full retirement age to receive an increased benefit. However, this incentive ends at age 70.

If you had asked me four or five years ago what I thought about claiming Social Security at age 62, I would have told you it was a terrible idea. But I’ve since changed my tune.

Why do I now agree to submit my application earlier?

The main reason I used to think claiming Social Security at 62 was a disaster was because many Americans are sorely short on retirement savings. Earlier this year, Prudential found that 55-year-old Americans have average retirement savings of less than $55,000. People in this situation likely cannot afford to reduce their Social Security benefits by claiming them earlier.

But I also understand that not everyone is in this boat. There are many people approaching retirement age who have millions of dollars saved for their senior years. And if you’re in that situation, I think claiming Social Security at age 62 will work for you.

Of course, you will reduce your guaranteed lifetime income stream. But you can also buy yourself the opportunity to retire a little earlier or enjoy certain hobbies and experiences while you still have the energy and good health for them.

And even if you No sitting on a boat with a ton of savings, you can still do well by filing for Social Security at 62 if you manage your expenses well. A reduction in benefits could limit your money if you insist on living in a bigger house and driving higher-end cars in retirement. But if you don’t mind downsizing your home and living somewhat frugally, you can get by without stress, even if your monthly income is limited by a smaller benefit and modest retirement plan withdrawals.

It’s also worth noting that filing for Social Security at age 62 may give you good financial results if you don’t end up living a very long life. In other words, you could receive a larger lifetime Social Security benefit if you sign up at age 62 but die at age 70 rather than live to age 80 or 90.

And since no one knows how long they will live, taking benefits as early as possible can give you more peace of mind, even if it means cutting them.

A change in mindset you may want to adopt.

You may have always assumed that you would claim Social Security at full retirement age or later. You should know that it is normal to change your mind due to various circumstances.

You may be turning 62 soon and your work environment has changed. If your new management team is difficult to deal with and your stress load has increased exponentially over the last few years, then that alone may be a good enough reason to take a benefit at 62 and get out of this situation.

You can always choose to work part-time. But because these benefits are deposited into your bank account every month, you may not have to rely on a paycheck from a job that’s making you miserable.

This is just one example, but the point is that signing up for Social Security at age 62 isn’t necessarily a bad idea. And even if you don’t get more money from the program over the course of your life, by taking this route, you might benefit from giving yourself more flexibility at a time in your life when you need it.