You can start Social Security at 62 and get money sooner. But your monthly checks will be smaller for the rest of your life. Americans who can afford to wait may find that delaying benefits leads to much bigger checks later in retirement.
The Social Security Administration says workers can start retirement benefits at age 62. However, taking them before full retirement age means a permanent cut. For example, if your full retirement age is 67, claiming at 62 can cut your payout up to 30%.
Full Retirement Age Makes a Big Difference
If you were born in 1960 or later, the full retirement age for Social Security benefits is 67. Those who wait to retire then will get 100% of their calculated retirement benefit. At age 62, the amount is lower.
That difference can add up over the years. If you file sooner, you’ll get higher monthly payments right now, but they’ll be lesser for the remainder of your retirement.
Delaying till age 70 increases monthly payments
Retirees who wait to claim Social Security after full retirement age can earn delayed retirement credits. For those born in 1943 or later, the credits raise payments by 8 percent for every year of delay until age 70.
After that, the increase stops at age 70. This is because someone with enough assets or other retirement income may benefit from delaying Social Security. They may choose to wait instead of starting benefits at age 62.
The 2026 figures are the difference
The possible difference is more apparent if we look at Social Security’s 2026 maximum-benefit examples. A worker who earned the taxable maximum could get up to $2,969 a month at age 62. At full retirement age, the worker could get $4,152 a month. At age 70, the worker could get $5,181 a month.
These are the maximum amounts, not average benefits. Social Security payments depend on a person’s earnings history, years worked, and the age they claim benefits.
Why Some Americans Are Still Claiming at 62
It’s not necessarily a bad move to take it at 62, even with the cut. Some retirees need the money because they’re not working anymore, have limited savings or other financial obligations.
Health and life expectancy may also impact the choice. Those expecting a shorter retirement may want to start payments sooner. Those expecting a longer retirement may prefer higher monthly income later.
Working Longer Helps Benefits, Too
Social Security benefits are based in part on a worker’s greatest 35 years of earnings. Continuing to work can boost the eventual payout by replacing lower income years with better income years.
The SSA further adds that retirement age and the age at which a person ceases working are independent considerations. You might stop working and postpone collecting Social Security based on your financial situation.
Best Claiming Age Is Retiree-Dependent
There is no single age that fits everyone for claiming Social Security. The decision should consider savings, job income, health, taxes, household finances, and whether a spouse depends on the benefit.
But the important takeaway for many Americans is that taking Social Security at 62 carries a lasting penalty. Comparing personalized forecasts at 62, full retirement age, and 70 can help retirees see how timing affects income.
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