Yes, you can collect Social Security at 62, but your monthly payment will be permanently lower

You can start receiving Social Security retirement benefits as early as age 62. However, if you claim before your full retirement age — which is 66, 67, or 68 depending on your birth year — your monthly payment will be reduced for life. The reduction is roughly 25 to 30 percent if you claim at 62, depending on your birth year.

This is not a temporary reduction. The lower amount stays the same for the rest of your life, even after you reach full retirement age. If you live a long time, you will receive less total money than if you had waited. If you live a shorter time, you may receive more total money by claiming early.

The decision to claim at 62 depends on your health, how long you expect to live, whether you still work, and whether you need the money now. There is no single right answer for everyone.

Key Takeaways

  • Claiming at 62 reduces your monthly payment by roughly 25 to 30 percent for the rest of your life.
  • Your full retirement age is 66, 67, or 68 depending on your birth year, and waiting until then or later increases your monthly payment.
  • If you work and claim before full retirement age, Social Security will reduce your payment by $1 for every $2 you earn above a yearly limit (the limit changes each year).
  • You can view your estimated payment at each age by creating an account at ssa.gov and checking your Social Security Statement.
  • Once you claim, you cannot undo it, so understanding the trade-offs before you explore is important.

How the reduction works based on your birth year

The amount your payment is reduced depends on when you were born. Social Security uses a formula that calculates your Primary Insurance Amount (PIA) — the payment you would receive at full retirement age — and then applies a percentage reduction based on how many months early you claim.

If you were born in 1943 or later, your full retirement age is 66 or higher. For each month you claim before full retirement age, your payment drops by a small percentage. Claiming at 62 instead of 67, for example, means roughly 30 percent less per month. Claiming at 62 instead of 66 means roughly 25 percent less per month.

The Social Security Administration publishes the exact reduction percentages each year. You can see what your payment would be at different ages by logging into your account at ssa.gov and viewing your Social Security Statement. This statement shows your estimated monthly payment if you claim at 62, at full retirement age, and at 70.

What happens if you work while collecting at 62

If you claim Social Security before full retirement age and continue to work, Social Security will reduce your benefit 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. The earnings limit changes each year.

This reduction applies only until you reach full retirement age. Once you reach full retirement age, you can earn any amount without a reduction to your benefit. The months in which you reach full retirement age have a different rule: Social Security deducts $1 for every $3 you earn above a higher limit, but only for earnings before the month you reach full retirement age.

It is important to understand that this earnings reduction is not permanent. Social Security recalculates your benefit after you stop working or after you reach full retirement age, and you may receive a higher payment at that time. However, the age-based reduction (the 25 to 30 percent cut for claiming early) is permanent.

When claiming at 62 might make sense

Claiming at 62 can be the right choice if you have health reasons to believe you will not live into your mid-80s, if you need the money now and have no other source of income, or if you have already paid into Social Security for many years and want to receive some benefit while you can.

Claiming early also makes sense if you have a spouse who will receive a benefit based on your record. In some cases, the household receives more total money by having one person claim early and the other claim later. This strategy is less common now because of rule changes, but it is worth discussing with a financial advisor or with Social Security directly.

If you are still working and earning a good income, claiming at 62 usually does not make financial sense, because your benefit will be reduced both by your age and by your earnings. You would receive very little until you stop working or reach full retirement age.

When waiting until full retirement age or later is usually better

If you are in good health, expect to live into your 80s, and do not need the money when ready, waiting until full retirement age or later will give you a larger monthly payment. The longer you wait, the larger your payment becomes. At age 70, your payment is roughly 24 to 32 percent higher than at full retirement age, depending on your birth year.

Waiting also protects you against inflation. Social Security payments increase each year based on the cost of living. If you claim early and receive a smaller base payment, that smaller amount is what gets increased each year. If you wait and claim a larger amount, your increases will be larger in dollar terms.

Waiting is especially valuable if you have a long family history of living into your 90s, if you are married and your spouse is younger (because your spouse's survivor benefit will be based on your record), or if you have other income sources that can cover your expenses now.

How to check your estimated payment at different ages

The most accurate way to see your estimated payment is to create a my Social Security account at ssa.gov. You will need your Social Security number, email address, and a way to verify your identity (usually a phone number or address on file with Social Security). Once you log in, your Social Security Statement shows your estimated monthly benefit at age 62, at full retirement age, and at age 70.

If you do not have an online account, you can request a paper statement by calling Social Security at 1-800-772-1213 or by visiting your local Social Security office. The office locator is on ssa.gov. Paper statements take longer to arrive but show the same information.

These estimates assume you have not earned any income since the last time Social Security updated your record. If you are still working, your actual benefit may be higher because Social Security will include your recent earnings when you claim.

What you need to do to claim at 62

You can explore for Social Security online at ssa.gov, by phone at 1-800-772-1213, or in person at your local Social Security office. Online is usually the fastest option. You will need your birth certificate, proof of citizenship or legal residency, and your W-2 forms or tax return from the previous year.

Social Security will ask you questions about your work history, your family, and whether you are still working. Be honest about your earnings, because Social Security will verify them with the IRS. If you misreport your income, you may have to repay benefits later.

After you explore, Social Security will send you a notice telling you whether you are approved and when your payments will start. Payments usually begin the month after you are approved, though this can vary. You can track your process status online if you applied through ssa.gov.

Important things to know before you claim

Once you claim Social Security, you cannot undo it. You cannot change your mind a few months later and ask for your money back. There is one exception: you can withdraw your process within 12 months of claiming if you have not yet reached full retirement age, but this is rarely done because it requires repaying all the benefits you received.

If you are married, your spouse may be able to receive a benefit based on your record, even if your spouse never worked. The rules for spousal benefits have changed in recent years, so discuss this with Social Security or a financial advisor before you claim.

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 and are at least 62 years old. You do not need your ex-spouse's permission, and claiming on their record does not reduce their benefit.

Frequently Asked Questions

What is my full retirement age?

Your full retirement age depends on your birth year. If you were born between 1943 and 1954, it is 66. If you were born between 1955 and 1959, it is between 66 and 67. If you were born in 1960 or later, it is 67. You can confirm your exact full retirement age on your Social Security Statement or by calling 1-800-772-1213.

If I claim at 62 and then live a long time, can I get the money back that I missed by waiting?

No. The reduction for claiming early is permanent. However, if you live into your mid-80s or beyond, the larger monthly payment you would have received by waiting usually makes up for the months you missed. This is called the "break-even age," and it varies by person.

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

Yes, but your benefit will be reduced both by your age and by your earnings. If you earn more than the yearly limit, Social Security will deduct $1 for every $2 you earn above that limit. Once you reach full retirement age, the earnings limit no longer applies.

What if I was born outside the United States?

You can still claim Social Security at 62 if you are a U.S. citizen or a lawful permanent resident and have worked long enough to earn benefits. You will need to show proof of your legal status when you explore. If you are not a citizen or permanent resident, contact Social Security to learn about your options.

Can I change my mind after I start collecting at 62?

You can withdraw your process within 12 months of claiming if you have not yet reached full retirement age, but you must repay all benefits you received. After 12 months, you cannot undo your claim. Plan carefully before you explore, because the decision is essentially permanent.