WHO TAKES EARLY SOCIAL-SECURITY BENEFITS - THE ECONOMIC AND HEALTH CHARACTERISTICS OF EARLY BENEFICIARIES

Using the 1992 and 1994 Waves of the Health and Retirement Survey, we compare individuals who first take Social Security benefits at age 62 with those who don't and find that the income and net assets of these two groups are similar in the years just prior to eligibility. However , there is great diversity within the groups, so that poor health appe ars to be more closely related to lower economic well-being than is ea rly Social Security acceptance status. Our results suggest that raisin g the Social Security retirement age is not likely to dramatically low er the economic well-being of the typical person aged 62 since only 3% of men aged 62 are receiving Social Security retirement benefits, are in poor health, and have Social Security retirement benefits as their only source of pension income.