Claiming Social Security at 62 reduces benefits by 30 Percent
Claiming Social Security at 62 results in a permanent 30 Percent cut in monthly benefits.
For someone with a full retirement age of 67, this cut applies for the rest of their life and their surviving spouse’s life.
A $2,400 monthly benefit at full retirement age would be reduced to $1,680 at 62, but increased to $2,976 at 70.
This decision can have a significant impact on retirement income, with a nearly $1,300 lifetime gap between claiming at 62 and 70.