Oct 5, 2025
For many Americans, the age of 62 is a significant milestone — not only is it the earliest age to claim Social Security retirement benefits, but it’s also close to the average retirement age.
However, turning 62 opens more financial opportunities than just collecting a monthly check.
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Here are the five key money moves you can make at age 62, beyond starting Social Security.
1. Reverse mortgage eligibility
At age 62, you become eligible for a home equity conversion mortgage (HECM) — a type of reverse mortgage insured by the Federal Housing Administration (FHA). Available through FHA-approved lenders, A HECM lets you convert a portion of your home equity into tax-free cash.
This can provide supplemental income for expenses like daily living costs or home repairs. It’s especially appealing for homeowners with significant, but it’s important to understand the fees, interest, and long-term impact on your estate. costs and risks to consider before you sign up.
A HECM isn’t right for everyone, but it becomes a viable financial option once you hit 62.
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2. Private and employer pensions
While traditional pensions are becoming less common, about 15% of U.S. workers still had access to them as of 2023, according to the Bureau of Labor Statistics. [1]
If you’re among them, age 62 is often considered a “normal retirement age” when pension benefits begin. The IRS also recognizes age 62 as a “safe harbor" age for many private and employer-sponsored plans to start payouts without penalties. [2]
Check with your plan administrator or HR department to confirm your eligibility at this age.
3. Property tax breaks
Depending on your state or county, you may be eligible for property tax relief.
For example, in Georgia, homeowners aged 62 and older can qualify for a floating inflation-adjusted homestead exemption. [3] In King County, Washington, residents may also be eligible for tax reductions at this age. [4]
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While many states — like Florida, Iowa, and Alaska — typically begin offering senior property tax exemptions at age 65, age 62 is when some local programs begin to kick in. Check with your local tax assessor’s office to see what’s available in your area.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
4. Access to retirement communities
While housing discrimination based on age is generally prohibited, the 1995 Housing for Older Persons Act (HOPA) provides an exception for age-restricted communities.
These communities typically fall into two categories:
“55 or older”: At least 80% of units must be occupied by someone aged 55 or older. “62 and over”: All residents must be at least 62, with limited exceptions for caregivers. [5]
Put simply, you get access to those stricter 62+ communities, which can expand your options for age-restricted housing.
5. Retirement discounts
While there’s no universal age for senior discounts, many retailers, restaurants, and travel companies offer them starting between ages 55 and 65. At 62, you likely qualify for most of these programs.
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A 10% discount here and there may not seem like much, but over time, the savings can add up — especially if you’re on a fixed income. Taking advantage of these discounts can help stretch your retirement dollars further.
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[1]. Bureau of Labor Statistics “15 percent of private industry workers had access to a defined benefit retirement plan.”
[2]. IRS “Retirement topics — Significant ages for retirement plan participants.”
[3]. Georgia Department of Revenue “Property Tax Homestead Exemptions.”
[4]. King County “Senior or disabled exemptions and deferrals.”
[5]. MyLifeSite “Senior Living Minimum Age Requirements Explained.”
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
