You can claim Social Security at 62, but your monthly payment will be permanently smaller than if you wait

The earliest age you can receive Social Security retirement benefits is 62. If you claim then, the Social Security Administration will reduce your monthly payment by roughly 30 percent compared to what you would receive at your full retirement age — the age when you become may have access to to your complete benefit amount. That reduction stays in place for the rest of your life, even after you reach full retirement age.

The exact reduction depends on your birth year. Someone born in 1943 or later who claims at 62 receives about 70 percent of their full retirement age benefit. The reduction is smaller for people born earlier, but the principle is the same: claiming early means a smaller check every month, forever.

The decision to claim at 62 is not reversible. Once you receive your first payment, you cannot change your mind and ask for a larger benefit later. You can withdraw your application within 12 months of claiming and repay what you received, but after that window closes, the reduced rate is permanent.

Key Takeaways

  • Claiming at 62 reduces your monthly benefit by roughly 30 percent for people born in 1943 or later, and this reduction never goes away.
  • Your full retirement age — when you receive your complete benefit — is between 66 and 67 depending on your birth year, and waiting until then increases your monthly payment.
  • If you delay claiming past your full retirement age, your benefit grows by about 8 percent per year until age 70, when growth stops.
  • You can withdraw your claim within 12 months of your first payment and repay benefits to restart at a higher rate, but after 12 months that option closes.
  • Claiming at 62 makes sense if you need the money now, have health reasons to expect a shorter life, or have already stopped working and cannot earn enough to offset the reduction.

How the reduction is calculated based on your birth year

The Social Security Administration uses a formula that depends on when you were born. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it is between 66 and 67. If you were born in 1960 or later, your full retirement age is 67.

The further you are from your full retirement age when you claim, the larger the reduction. Claiming at 62 when your full retirement age is 67 means a bigger cut than claiming at 62 when your full retirement age is 66. The Social Security Administration has a detailed table showing the exact percentage for your birth year, available on their website at ssa.gov.

The reduction applies to your primary insurance amount — the benefit you earned based on your work history and earnings record. Spousal benefits and survivor benefits follow different rules and have their own reduction schedules.

What claiming at 62 means for your lifetime earnings

The reduced payment at 62 is smaller each month, but you receive it for more months. Whether you come out ahead depends on how long you live. Someone who claims at 62 and lives to 80 will have received more total money than someone who waited until 67 and died at 79. But someone who lives to 85 or beyond will have received more total money by waiting.

The break-even age — the point where waiting catches up to claiming early — is typically in the early 80s for people born in the 1950s and 1960s. If you expect to live well past 80, waiting usually results in more lifetime income. If you expect to live into your mid-70s or have significant health concerns, claiming at 62 may result in more total money received.

This calculation is personal and depends on your health, family history, and financial situation. It is not a prediction Social Security can make for you. The agency does not consider life expectancy when you claim; they apply the same reduction formula to everyone born in your year, regardless of health status.

How work earnings affect your benefit before full retirement age

If you claim at 62 and continue to work, Social Security will reduce your benefit further based on your earnings. For 2024, if you earn more than $23,400 per year, Social Security deducts $1 from your benefit for every $2 you earn above that limit. This earnings test applies only until you reach your full retirement age.

Once you reach your full retirement age, the earnings test stops. You can earn any amount without a reduction to your benefit. The reduction from claiming early (the 30 percent cut) remains permanent, but the earnings-based reduction ends.

The earnings limit and the dollar amount deducted change each year. You can find the current year's limit on the Social Security Administration website. If you plan to work while claiming at 62, contact Social Security before you claim to understand how your specific earnings will affect your payment.

Delaying your claim past 62 increases your future payment

Every year you delay claiming past your full retirement age, your benefit grows by approximately 8 percent per year. This growth continues until age 70, when it stops. Someone with a full retirement age of 67 who waits until 70 receives about 24 percent more per month than someone who claims at 67.

This growth is delayed retirement credits, and they are automatic. You do not have to do anything to earn them except not claim. If you reach 70 without having claimed, your benefit is at its maximum. Waiting past 70 does not increase it further.

The combination of the early-claim reduction and the delayed-claim increase creates a wide range of possible monthly payments. Someone born in 1957 might receive $1,500 per month at 62, $2,100 at 67, and $2,600 at 70 — all based on the same work history. The choice of when to claim is the choice of which payment you receive for life.

Withdrawing your claim within the first 12 months

If you claim at 62 and change your mind within 12 months, you can withdraw your application. To do this, you must repay all the benefits you received, including any amounts withheld for taxes. Once you repay, your claim is cancelled and you can file again later at a higher rate.

This option exists only once, and only within 12 months of your first payment. After 12 months, you cannot withdraw. You would need to wait until full retirement age to use a different option called file and suspend, which is available only to people born before January 2, 1954, and even then only in limited circumstances.

Repaying benefits can be a large sum. If you received $18,000 in benefits over 12 months and want to withdraw, you must repay all $18,000 to Social Security. You can do this by contacting your local Social Security office or calling 1-800-772-1213.

When claiming at 62 makes practical sense

Claiming at 62 is the right choice for some people. If you have stopped working and need the income to cover living expenses, claiming at 62 provides that money now rather than forcing you to wait five or more years. If you have significant health concerns and do not expect to live into your 80s, the smaller monthly payment may result in more total money received over your lifetime.

Claiming at 62 also makes sense if you have already exhausted savings, are facing housing insecurity, or have other immediate financial needs that cannot be met another way. The reduction is permanent, but so is the income. If you need it, you need it.

Claiming at 62 is usually not the right choice if you are still working and earning a substantial income, because the earnings test will reduce your benefit significantly. It is also not ideal if you are in good health and expect to live well into your 80s or 90s, because you will receive substantially less total money over your lifetime.

How to claim at 62

You can file for Social Security retirement benefits online at ssa.gov, by phone at 1-800-772-1213, or in person at your local Social Security office. You will need your Social Security number, birth certificate, proof of citizenship or legal residency, and your W-2 forms or tax returns from the past two years.

The application process typically takes two to four weeks. Social Security will contact you if they need additional documents. Once approved, your first payment arrives the month after you are deemed to have filed, though the exact timing depends on your birth date and the day of the month you file.

If you are still working, tell Social Security about your expected earnings for the year. They use this information to calculate whether the earnings test will reduce your benefit. You can update your earnings estimate if your work situation changes during the year.

Frequently Asked Questions

Can I claim at 62 if I am still working full-time?

Yes, but Social Security will reduce your benefit based on your earnings. For 2024, if you earn more than $23,400 per year, they deduct $1 from your benefit for every $2 you earn above that limit. This earnings test stops once you reach your full retirement age, but the permanent reduction from claiming early remains.

What if I claim at 62 and then die before reaching full retirement age?

Your family members may be may have access to to survivor benefits based on your work record. The amount they receive depends on their relationship to you and their age. Survivor benefits are calculated differently than retirement benefits and are not reduced by your early claim. Contact Social Security to discuss what your family may receive.

Can I change my mind after I start receiving benefits at 62?

You can withdraw your claim within 12 months of your first payment if you repay all benefits received. After 12 months, you cannot withdraw. If you were born before January 2, 1954, you may have other limited options, but for most people born after that date, the 12-month window is your only chance to undo an early claim.

Does claiming at 62 affect my Medicare may be able to access?

No. You become may be able to access for Medicare at 65 regardless of when you claim Social Security. If you claim at 62, you will still need to enroll in Medicare when you turn 65. Claiming Social Security early does not change your Medicare may be able to access or enrollment timeline.

What if I was born outside the United States?

You can still claim Social Security at 62 if you have a valid work history in the United States and meet other requirements. You will need to provide proof of citizenship or legal residency status. Contact Social Security directly to discuss your specific situation, as rules vary based on your country of birth and immigration status.