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

Social Security lets you start receiving benefits as early as age 62, even though the program's full retirement age — the age at which you receive your full benefit amount — is 66, 67, or 68 depending on your birth year. If you claim at 62, the Social Security Administration reduces your monthly payment by a percentage that depends on how many years early you are claiming. That reduction stays in place for the rest of your life, even after you reach full retirement age.

The trade-off is straightforward: you get money sooner, but each check is smaller. Whether that makes sense depends on your health, how long you expect to live, whether you still work, and whether you have other income or savings to rely on.

Key Takeaways

  • Claiming at 62 reduces your monthly benefit by roughly 25 to 30 percent compared to claiming at your full retirement age, and the reduction is permanent.
  • You must have worked and paid Social Security taxes for at least 10 years (40 quarters) to claim any benefit at any age.
  • If you earn more than $23,400 per year while claiming before full retirement age, Social Security withholds $1 from your benefit for every $2 you earn above that amount.
  • The total amount you receive over your lifetime may be higher or lower depending on how long you live — there is a break-even point, usually in your late 70s or early 80s.
  • You can change your mind once: you have 12 months after claiming to withdraw your process and repay what you received, then claim again later at a higher rate.

How the reduction works at 62

The exact percentage reduction depends on your birth year and full retirement age. If your full retirement age is 67, claiming at 62 means you are claiming five years early. Social Security reduces your benefit by approximately 30 percent. If your full retirement age is 66, claiming at 62 means you are claiming four years early, and the reduction is approximately 25 percent.

The Social Security Administration calculates this reduction using a formula: you lose a larger percentage for each month you claim before age 60, and a smaller percentage for each month between 60 and your full retirement age. The result is that the reduction compounds — it is not a straightforward division of your full benefit amount.

You can find your full retirement age and an estimate of your benefit amount by creating an account on ssa.gov and viewing your Social Security Statement. That statement shows what you would receive at 62, at full retirement age, and at 70. The amounts are estimates based on your earnings history, but they give you a concrete number to compare.

Earnings limits if you claim before full retirement age

If you claim at 62 and continue to work, Social Security has an earnings test that reduces your benefit if you earn above a certain amount. For 2024, if you earn more than $23,400 per year, Social Security withholds $1 from your benefit for every $2 you earn above that threshold. The limit changes each year based on wage growth.

This earnings test applies only in the year you claim and in any year before you reach full retirement age. Once you reach full retirement age, you can earn any amount without a reduction to your benefit, even if you claimed at 62.

The withheld amount does not disappear. Social Security recalculates your benefit at your full retirement age to account for the months in which you received a reduced or zero payment. This recalculation increases your monthly benefit going forward, though usually not enough to make up for the months you did not receive a check.

Work history requirements

To claim Social Security at any age, you must have worked and paid Social Security taxes for at least 10 years. Social Security measures this in quarters of coverage: you earn one quarter for each $1,730 you earn in a year (the dollar amount changes annually). You need 40 quarters total, which typically means 10 years of work, though the years do not have to be consecutive.

If you have not reached 40 quarters by age 62, you cannot claim your own benefit. You may be able to claim a spousal or survivor benefit if you are married or divorced, but those have their own rules and reductions.

The lifetime break-even calculation

Because your monthly payment is lower but you receive it for more years, the total amount you collect over your lifetime depends on how long you live. There is a break-even age — usually somewhere in your late 70s or early 80s — at which the total amount you would have received by claiming at 62 equals the total you would have received by waiting until full retirement age.

If you live past the break-even age, you will have received more total money by waiting. If you die before the break-even age, you will have received more by claiming at 62. The break-even age varies based on your full retirement age and your life expectancy, but it is often around age 80 or 81.

This calculation is personal: it depends on your health, your family history, and your financial situation. Someone with serious health problems might claim at 62 to receive benefits while they can. Someone in good health with family members who lived into their 90s might wait to maximize lifetime benefits.

Spousal and survivor benefits at 62

If you are married, divorced, or a widow or widower, you may be able to claim a benefit based on your spouse's or ex-spouse's work record, in addition to or instead of your own. These benefits also have reductions if you claim before full retirement age.

A spousal benefit claimed at 62 is reduced by roughly 32 to 35 percent compared to the full spousal benefit amount. A survivor benefit (for a widow or widower) claimed at 62 is reduced by roughly 71 to 72 percent. These reductions are steeper than the reduction to your own benefit because survivor benefits are designed to replace income for dependents, not to provide a full retirement income.

If you are divorced, you may be able to claim on your ex-spouse's record if you were married for at least 10 years, are at least 62, and are not currently married. The rules for reduction are the same as for spousal benefits.

Withdrawing your claim within 12 months

If you claim at 62 and then change your mind, you have one chance to undo that decision. Within 12 months of claiming, you can withdraw your process, repay all the benefits you received (plus interest), and then claim again later at a higher rate. This is called a withdrawal of process.

To withdraw, you must contact Social Security directly — by phone at 1-800-772-1213, in person at your local Social Security office, or by mail. You will need to repay the full amount you received, which Social Security can calculate for you. After you repay, your claim is cancelled, and you can file a new process when you choose.

This option is useful if you claimed at 62 but your circumstances changed — for example, you found out you will live longer than expected, or you no longer need the money. However, you can use this withdrawal only once in your lifetime.

Frequently Asked Questions

What happens to my benefit if I work after I claim at 62?

If you earn more than $23,400 per year, Social Security withholds $1 from your benefit for every $2 you earn above that amount. This applies only until you reach full retirement age. Once you reach full retirement age, you can work and earn any amount without a reduction to your benefit.

Can I claim at 62 if I am still married to my spouse?

Yes. You can claim your own benefit at 62 regardless of your marital status. If you are married, you may also be able to claim a spousal benefit, but that is a separate decision with its own reduction rules. You cannot claim both your own full benefit and a full spousal benefit at the same time.

What if I die before I reach full retirement age?

Your family members may be able to claim survivor benefits based on your work record. A widow or widower, your children under 19 (or 19 if still in high school), and your parents if you supported them can all claim. The total amount your family receives is capped at roughly 150 to 180 percent of what you would have received at full retirement age.

Can I change my mind after 12 months?

No. You can withdraw your claim and repay benefits only within 12 months of claiming. After that, your claim is final, and you cannot undo it. You can still claim a higher benefit at a later age if you have not yet reached full retirement age, but you will not receive the higher rate retroactively.

How do I know what my benefit will be at 62?

Create an account on ssa.gov and view your Social Security Statement. It shows your estimated benefit at 62, at full retirement age, and at 70, based on your actual earnings history. These are estimates, not guarantees, but they give you accurate numbers to use when deciding whether to claim early.