Parents can claim Social Security as early as age 62, but the payment will be permanently smaller

You can start collecting Social Security at 62 even if your full retirement age is later — say 66 or 67. The trade-off is that your monthly payment will be about 25 to 30 percent lower than if you waited until your full retirement age, and that reduction stays in place for the rest of your life. The longer you wait past 62, the larger your monthly check becomes, up until age 70.

This choice is personal and depends on your health, how long you expect to live, whether you still need the income now, and what other money you have available. There is no single right answer for everyone.

Key Takeaways

  • You can claim Social Security at 62, but your monthly payment will be permanently reduced — typically 25 to 30 percent lower than your full retirement age amount.
  • The reduction is calculated by Social Security and locked in the month you claim, so the math does not change later.
  • If you claim early and continue working, your benefits may be further reduced until you reach full retirement age.
  • Waiting until 70 gives you the highest possible monthly payment, but only if you live long enough to break even on the years you did not collect.
  • You should review your own health, family history, and financial situation before deciding when to claim.

How the reduction works when you claim before full retirement age

Social Security calculates your reduction based on how many months early you claim. If your full retirement age is 67 and you claim at 62, that is 60 months early. Social Security reduces your payment by roughly 0.556 percent for each of those months, which adds up to about 30 percent total.

The exact percentage varies slightly depending on your birth year, but the principle is the same: the earlier you claim, the more your payment shrinks. This reduction is permanent. If you claim at 62 and later regret it, you cannot go back and undo it to get a larger payment.

What happens if you claim early and keep working

If you claim Social Security before your full retirement age and you are still working, Social Security will reduce your benefits further. In 2024, for every $2 you earn above $23,400 per year, they withhold $1 from your benefits. This earnings test applies only until you reach your full retirement age; after that, you can earn as much as you want without any reduction.

This means claiming at 62 while still working can result in very little or no payment in some months. Many people do not realize this and are surprised when their first check is smaller than expected or does not arrive at all. You should contact Social Security before you claim if you plan to keep working.

When early claiming makes sense

Claiming at 62 can be the right choice if you have serious health problems and do not expect to live into your mid-80s, if you need the money now and have no other source of income, or if you have already worked long enough to may have access to for benefits and want to stop working when ready.

It also makes sense if you are the lower-earning spouse and your partner will claim later. In some cases, you can claim a reduced benefit now while your partner's benefit grows, and your household gets more total money over time.

Why waiting until full retirement age or later pays more

For every year you delay claiming past 62, your monthly payment grows. At your full retirement age, you receive 100 percent of your calculated benefit. If you wait past full retirement age, your payment increases by about 8 percent per year until age 70, when the increases stop.

This means if you claim at 70 instead of 62, your monthly check could be 75 to 80 percent higher. The catch is that you have to live long enough to make up for the years you did not collect. If you die at 75, you will have received less total money by waiting. If you live to 90, you will have received much more.

How to think about your own situation

Start by asking yourself: Do I need this money now, or can I wait? If you are still working and earning decent income, or if you have savings, retirement accounts, or a pension, you have more flexibility to wait. If you have no other income and rent or mortgage to pay, claiming at 62 may be necessary.

Next, think about your health and family history. If your parents and grandparents lived into their 90s and you are in good health, waiting is likely to pay off. If your family history suggests you may not live past 80, claiming earlier makes more sense.

You can also use a break-even calculator — Social Security's website has one — to see at what age you would receive the same total amount whether you claimed at 62 or waited. This is not a prediction of how long you will live, just a tool to see the math.

What to ask Social Security before you decide

Call Social Security at 1-800-772-1213 or visit your local Social Security office and ask: What is my full retirement age? What would my monthly payment be if I claim at 62, at my full retirement age, and at 70? If I claim early and keep working, how much will my benefits be reduced? What happens to my benefits if I am married or divorced?

Write down the numbers they give you. Do not rely on estimates you find online — your own record is the only one that matters. You can also create a my Social Security account at ssa.gov to see your estimated benefits at different claiming ages.

Frequently Asked Questions

Can I change my mind after I claim at 62?

You have limited options. Within 12 months of claiming, you can withdraw your process and repay all the benefits you received, which resets your record as if you never claimed. After 12 months, you cannot undo it. Some people claim at 62, then at 70 claim again at a higher rate, but this is complex and requires careful planning with Social Security.

What if I was born in 1943 or earlier?

Your full retirement age may be different from someone born later. People born in 1943 or earlier have a full retirement age of 65. The reduction for claiming at 62 is smaller for you — about 20 percent instead of 30 percent. Check your Social Security statement or call to confirm your exact full retirement age.

Does claiming early affect my spouse's benefits?

Not directly. Your spouse can claim their own benefit based on their own work record, or they may be able to claim a reduced spousal benefit based on your record. But your choice to claim early does not reduce what your spouse can receive. The rules are complicated if you are divorced, so ask Social Security about your specific situation.

What if I claim at 62 but my spouse waits until 70?

You each get your own benefit based on when you claim. Your spouse's decision to wait does not change your payment, and your decision to claim early does not change theirs. However, if your spouse claims a spousal benefit later, that amount may be affected by when you claimed. This is one reason to talk to Social Security before either of you claims.

Can I claim Social Security and still work full-time?

Yes, but if you claim before full retirement age, your benefits will be reduced based on your earnings. Once you reach full retirement age, you can work and earn as much as you want without any reduction to your benefits. Many people claim at full retirement age or later specifically so they can keep working without losing benefits.