Americans who claim Social Security benefits at 62 will receive permanently reduced benefits during their retirement.
Credit: Getty Images KEY TAKEAWAYS
More than a quarter of Social Security beneficiaries begin claiming benefits at age 62, resulting in permanently reduced payments.
Delaying Social Security benefits beyond full retirement age increases later benefits.
A full or boosted benefit matters most for retirees who depend on Social Security for much of their income.
More than a quarter of Social Security beneficiaries begin getting their benefits at an age when they would be permanently reduced, according to government data.
Americans can claim Social Security as early as 62, but doing so cuts their benefit by up to 30% versus those claiming at 67. About 26% of the 3.25 million people who first claimed benefits in 2024 did so at 62.
Americans typically expect to retire at 65, but the median actual retirement age is 62, according to the Employee Benefit Research Institute’s (EBRI) 2026 Retirement Confidence Survey.
Note
Without congressional action, the Social Security trust fund that pays retirement benefits is projected to be depleted in 2032, at which point payroll taxes would cover only about three-quarters of scheduled benefits, requiring an across-the-board cut of about 23%.
The share of new beneficiaries claiming at 62 has been falling for two decades, from a peak of more than 60% of new beneficiaries in the 1990s to about 26% in 2024, the lowest level in at least 40 years, according to an Investopedia analysis of Social Security Administration (SSA) data.
Claims surged in 2025, rising about 11% over the prior year, with researchers positing some may have rushed to file amid worries about the program’s future and cuts to staff at the Social Security Administration. Higher earners—those with the most flexibility to wait—were among those filing at 62 in unusual numbers, an Urban Institute analysis found.
The Cost of Claiming Early
To get a full benefit, retirees must wait until full retirement age (FRA): That’s 67 for anyone born in 1960 or later, or 66 and 10 months for those born in 1959.
Future retirees can also boost their payments by 8% for each year they delay claiming benefits beyond their FRA, up until age 70.
In December 2025, the average monthly payment for a 62-year-old beneficiary who just began claiming benefits was $1,335. The average benefit for 67-year-old new beneficiaries was about $2,521, according to the Social Security Administration.
Social Security payments are essential for many retirees. A 2024 Census Bureau report found that 42% of older Americans rely on their benefits for half or more of their income, and 14% relied on Social Security for 90% or more.