Overview
- Claiming Social Security at 62 is allowed but typically cuts monthly benefits compared with full retirement age, with reductions that can reach about 30 percent for those whose full retirement age is 67.
- Delaying benefits raises monthly payments through delayed-retirement credits that stop at age 70, so waiting usually increases lifetime monthly income for people in good health and with adequate savings.
- Taking benefits at 62 can be the better choice for a single person in poor health because they may not live long enough to recoup higher payments from delay.
- Claiming early can also be the right move when savings are exhausted or work is no longer possible due to job loss, disability, or caregiving, because it provides immediate, guaranteed cash without draining retirement accounts.
- If you regret an early claim you may be able to withdraw the application and refile later, but you must act within one year and repay all benefits already received, so careful planning or financial advice is often necessary.