If you file for Social Security at age 62, you get a permanently reduced benefit amount. You don’t qualify for 100% of your benefit, which is based on your earning history, until full retirement age — which is 66 and 4 months for those born in 1956, gradually increasing to age 67 for those born in 1960 or later.
The intention behind Social Security was always that it would provide a form of basic or supplemental income — not that it would or should cover all of an individual’s income needs in retirement. For that, most people will also need a retirement fund of some kind.
Even if Social Security reserves are depleted, the fund would continue to receive deposits — in the form of Social Security taxes that workers pay. This would keep the system going, even if benefits were reduced.
You can get Social Security benefits when you’re still working in retirement. The question is: Is that your best move? Depending on your age, your benefit amount could be reduced.