Claiming at 62 allows you to start receiving Social Security benefits earlier than the full retirement age, giving you access to funds sooner.
While you can claim at 62, your monthly payments will be permanently reduced—about 25-30% lower than waiting until full retirement age.
Claiming early might provide the financial flexibility you need if you’re facing retirement or unexpected expenses before reaching full retirement age.
The "breakeven point" is when the total benefits from claiming early equals what you would have received by waiting. This is typically around age 80.
If you have a shorter life expectancy, claiming early could make sense to maximize the total benefits received before passing away.
Delaying your claim until after 62 increases your monthly payments, with an 8% annual increase up to age 70, which could be a better financial strategy in the long term.
If you’re married, claiming early can affect spousal benefits, as the reduction in your own benefits might reduce the amount your spouse could receive based on your work record.