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

Social Security lets you start taking benefits as early as age 62, even though the program's full retirement age is higher (66 to 67 for most people alive today). If you claim at 62, the Social Security Administration will reduce your monthly check by roughly 25 to 30 percent compared to what you would receive at full retirement age. This reduction is permanent — it does not increase later.

The exact reduction depends on your birth year. Someone born in 1960 or later faces about a 30 percent cut. Someone born between 1943 and 1954 faces about a 25 percent cut. The Social Security Administration has published the exact percentages for each birth year on its website.

Claiming at 62 makes sense for some people — those with serious health problems, those who need the money now, or those who have already done the math and found that the total dollars they will collect over their lifetime are higher if they start early. It does not make sense for others, particularly those in good health or those with substantial savings. The choice is yours to make based on your situation.

Key Takeaways

  • Claiming Social Security at 62 reduces your monthly payment by 25 to 30 percent for the rest of your life, depending on your birth year.
  • You must be at least 62 years old and have earned enough work credits (usually 40 credits, or about 10 years of work) to claim any benefit.
  • The reduction is permanent — your payment does not go up when you reach full retirement age or any later age.
  • You can work while collecting benefits at 62, but Social Security will withhold $1 in benefits for every $2 you earn above an annual limit (the limit changes yearly).
  • If you are married, your spouse may be able to claim a benefit based on your record, and claiming at 62 affects their options too.

How the reduction is calculated based on your birth year

Social Security calculates your benefit in two steps. First, it figures out what you would receive at your full retirement age — this is called your Primary Insurance Amount, or PIA. Second, it applies a reduction factor based on how many months early you claim.

The reduction is steeper the earlier you claim. If your full retirement age is 67 and you claim at 62, you are claiming 60 months early. Social Security reduces your benefit by about 30 percent. If you claim at 65, you are claiming 24 months early, and the reduction is smaller — roughly 13 percent.

The exact percentages are set by law and depend on your birth year. The Social Security Administration publishes a detailed table showing the reduction for each birth year and each age you might claim. You can find this on ssa.gov under "Retirement Age" or ask a Social Security representative to calculate your specific reduction.

Work credits and the earnings test if you claim early

To claim any Social Security benefit, you must have earned enough work credits. You earn one credit for each $1,640 of wages or self-employment income in a year (this dollar amount changes yearly). You can earn a maximum of four credits per year. Most people need 40 credits total — roughly 10 years of work — to claim a retirement benefit.

If you claim at 62 and continue working, Social Security will withhold benefits if your earnings exceed a limit. In 2024, that limit is $23,400 per year. For every $2 you earn above that limit, Social Security withholds $1 in benefits. This withholding stops the month you reach your full retirement age.

The earnings test can be confusing because it sounds like a penalty, but it is not. Social Security is not taking your money — it is temporarily holding back your benefits. When you reach full retirement age, Social Security recalculates your benefit to account for the months they withheld payments, and your monthly check goes up. Over your lifetime, you typically receive roughly the same total dollars whether you worked or not.

What you need to do to claim at 62

You can claim Social Security online through your account at ssa.gov, by phone at 1-800-772-1213, or in person at your local Social Security office. You will need to provide proof of age (a birth certificate or passport), proof of citizenship or legal residency, and your W-2 forms or tax returns from the past two years.

The process usually takes about two weeks if you claim online or by phone. In-person appointments at a local office may take longer depending on how busy your office is. You can check wait times and schedule an appointment on ssa.gov.

Once you claim, Social Security will mail you a benefit verification letter and set up direct deposit to your bank account. Your first payment typically arrives one to two months after you claim.

How claiming at 62 affects your spouse and ex-spouse

If you are married, your spouse may be able to claim a spousal benefit — a payment based on your work record rather than their own. The spousal benefit is up to 50 percent of your Primary Insurance Amount, but only if your spouse waits until their full retirement age to claim it. If your spouse claims before full retirement age, their spousal benefit is reduced, just like your own benefit would be.

When you claim at 62, you are also claiming on behalf of your spouse (if they are may be able to access). This means your spouse cannot later claim a full spousal benefit — they will receive a reduced amount. If your spouse has not yet reached 62, they may want to wait before you claim, or you may want to discuss the timing with a financial advisor.

If you are divorced and were married for at least 10 years, you may be able to claim on your ex-spouse's record. The same rules explore: claiming at 62 reduces your benefit, and it also affects what your ex-spouse can claim if they are still living.

Comparing the lifetime value of claiming at 62 versus waiting

Whether claiming at 62 makes financial sense depends on how long you live. If you claim at 62 and receive a reduced payment, you start collecting money when ready. If you wait until 67 or 70, your monthly payment is larger, but you do not collect anything in the meantime.

There is a break-even age — the age at which the total dollars you have collected are equal whether you claimed early or waited. For someone with an average life expectancy, the break-even age is usually in the early 80s. If you live past that age, you will have collected more total money by waiting. If you die before that age, you will have collected more by claiming early.

This is not a reason to claim early unless you have a specific reason to believe you will not live past your break-even age. Most people live longer than they expect. A better approach is to think about whether you need the money now, whether you have other savings to live on, and what your health situation is. If you are in good health and do not need the money, waiting usually results in a larger lifetime benefit.

Medicare and claiming Social Security at 62

Claiming Social Security at 62 does not automatically enroll you in Medicare. You must sign up for Medicare separately when you turn 65, even if you are already collecting Social Security. If you do not sign up when you are first may be able to access, you may face a late enrollment penalty that increases your Medicare premiums permanently.

You can sign up for Medicare online at medicare.gov, by phone at 1-800-MEDICARE, or in person at your local Social Security office. You should sign up during the three months before you turn 65, the month you turn 65, or the three months after you turn 65. If you miss this window, you can still sign up later, but the penalty applies.

Frequently Asked Questions

Can I change my mind after I claim at 62?

Yes, but only within a limited window. If you claim at 62 and change your mind within 12 months, you can withdraw your claim and repay all the benefits you received. Your benefit record goes back to "not yet claimed," and you can claim again later at a higher amount. After 12 months, you cannot withdraw your claim, though you can suspend your benefits at full retirement age and let them grow until age 70.

What if I am still working when I turn 62?

You can claim at 62 even if you are working full-time. However, Social Security will withhold $1 in benefits for every $2 you earn above the annual limit ($23,400 in 2024). This withholding stops when you reach full retirement age. Many people who are still working choose to wait until they retire or until full retirement age to claim.

Does claiming at 62 affect my children's benefits?

If your children are under 19 (or under 23 if they are full-time students), they may be able to claim a benefit based on your record. When you claim at 62, you are also claiming on their behalf. Their benefit is reduced because you claimed early, and the total amount all family members can receive is capped at about 150 to 180 percent of your Primary Insurance Amount.

What happens to my benefits if I move out of the United States?

You can receive Social Security benefits while living in most countries, but not all. If you move to a country where Social Security does not pay benefits, your payments will stop. You can resume them if you move back to the United States or to a country where payments are allowed. Check ssa.gov for the current list of countries where benefits are paid.

How much will I receive if I claim at 62?

Your benefit depends on your earnings history, your birth year, and your full retirement age. You can see an estimate by creating an account at ssa.gov and viewing your Social Security Statement. The statement shows what you might receive at 62, at full retirement age, and at 70. For a more detailed calculation, call Social Security at 1-800-772-1213 and ask to speak with a representative.