Here's How Claiming Social Security at 62 Affects Your Monthly Income for Life

Social Security is a safety net that helps older adults live a comfortable retirement. For many, it is their primary source of income. However, there are important rules that you need to understand before you claim Social Security and start collecting this important entitlement.

One of the biggest issues to consider is the age at which you begin collecting, with 62 the earliest age at which most people can start. Here’s what happens to your Social Security check if you start collecting as soon as you can.

Getting in early comes with a high cost

You pay into the Social Security system while you are working. When you retire, you can claim your entitlement and collect a monthly check for the rest of your life. The amount you receive will be adjusted for inflation over time, so the buying power of your Social Security check isn’t eroded by rising costs. Social Security has been a powerful tool, helping older adults live healthy, happy lives after retirement.

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That said, the earliest point at which you can claim Social Security is age 62. That, however, will be before your full retirement age (between 65 and 67, depending on your birth year), when you would receive your full Social Security benefit amount. You can also wait until age 70 to collect, if you choose. These three dates are vital to understand.

If you decide to claim early, your Social Security check will be lower than what you would collect if you waited until your full retirement age. If you don’t collect until after your full retirement age, your Social Security check will be larger than it would have been at full retirement age. The credits for delaying stop at age 70. For the most part, the Social Security check you get when you first claim is a permanent baseline (more on this below).

What does retiring at 62 look like

Each person’s work history is different, so everyone gets a different Social Security entitlement. That makes it difficult to give examples, so the Social Security Administration provides an example based on a $1,000 entitlement at full retirement age. If your full retirement age is 66, claiming at 62 would reduce that payment to $750, or 25%. If your full retirement age is 67, claiming at 62 would lower your payment to $700, or 30%.

This decision will also impact spousal benefits. A $500 spousal benefit at full retirement age would be reduced to $350 if you retire at 62 and have a full retirement age of 66. That’s a 30% reduction. If your full retirement age is 67, a $500 spousal benefit would fall to $325, a 35% reduction.

These changes set a new baseline for all future payments. As highlighted, they could permanently impact not just you but also your spouse. On the flip side, if you wait to claim until after your full retirement age, your full retirement benefit will be increased by two-thirds of 1% for every month you wait past your full retirement age until you reach age 70. Waiting is clearly the best way to maximize your Social Security entitlement.

You can potentially change your benefit by working

There is one relief valve if you claim Social Security early and want to increase your future benefits: going back to work. You can earn up to $24,480 while collecting Social Security in 2026 without impacting your monthly entitlement. However, if you earn above that figure, your Social Security check is reduced by $1 for every $2 you earn over $24,480. (The rules are different for your full retirement year, with the limit being $65,160 and the impact shifting to $1 for every $3 over the limit.)

You receive a credit for any reductions, which will be used to recalculate your Social Security entitlement when you reach full retirement age. There is no impact on your benefits from working after you reach full retirement age.

While working after you claim at 62 can help you increase your Social Security benefits when you reach full retirement age, the best option for ensuring you get the highest possible benefit is still to wait to claim. Indeed, the big picture is that claiming early will likely result in a permanently lower Social Security entitlement.