Claiming Social Security at 62 cuts monthly benefits by 30%
Claiming Social Security at 62 instead of 67 results in a 30% reduction in monthly benefits.
The average retired worker receives a monthly Social Security benefit of about $2,084.
Claiming at 62 results in a $625 monthly reduction, which translates to $7,500 less per year, and roughly $150,000 over 20 years.