![\"Woman](\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2026\/02\/19-retired-woman-writing-a-book-laptop-iStock-675271938.jpg\")
<\/p>\n <\/p>\n
\n bowie15 \/ iStock.com <\/p>\n
Commitment to Our Readers<\/p>\n
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Penelope S. has spent decades working in school administration in Burbank, California. Now that she\u2019s 62, she\u2019s eligible to claim Social Security early. But the numbers are making her anxious.<\/p>\n The decision to claim at 62 instead of waiting comes with a permanent reduction to her monthly check. Over 20 years, that choice could cost her tens of thousands of dollars. But Penelope is tired of working and her husband\u2019s age is also factoring into the decision.<\/p>\n I talked to Penelope about the math behind her choice and why she\u2019s considering filing early despite the financial hit<\/a>.<\/p>\n Taking the 30% Cut<\/p>\n When you claim Social Security at 62, you lock in a 30% reduction from your full retirement age benefit<\/a>. For Penelope, that\u2019s a big deal.<\/p>\n Her estimated benefit at full retirement age (67) is about $1,976 per month, which is close to the national average for 2026. If she claims at 62, that drops to $1,383 per month.<\/p>\n \u201cI knew there would be a reduction, but seeing that I\u2019d lose almost $600 every single month for the rest of my life is hard to swallow,\u201d Penelope said. \u201cThat\u2019s $7,116 less per year just because I can\u2019t wait five more years.\u201d<\/p>\n The reduction is permanent. It doesn\u2019t go away when she reaches 67. Her benefit stays at that lower level for life, and any cost-of-living adjustments get calculated on that reduced amount too.<\/p>\n The 20-Year Math<\/p>\n If Penelope lives to 82, claiming at 62 instead of 67 will cost her $23,712 loss in total Social Security income.<\/p>\n Here\u2019s how it breaks down. By claiming at 62, she\u2019ll receive $1,383 per month for 240 months (20 years), totaling $331,968. If she waits until 67, she\u2019ll get $1,976 per month for 180 months (15 years from 67 to 82), totaling $355,680.<\/p>\n Waiting until 70 changes the math again. Her benefit would jump to $2,450 per month thanks to delayed retirement credits. Over 12 years (from 70 to 82), that\u2019s $352,800 total. So, claiming at 62 versus waiting until 70 costs her $20,832.<\/p>\n \u201cI keep running these numbers over and over, and they make my head spin,\u201d Penelope said. \u201cTwenty-three thousand dollars sounds like a lot of money to leave on the table<\/a>, but it also assumes I make it to 82.\u201d<\/p>\n The calculation gets even more dramatic if she lives longer. At 85, Penelope said the cost of claiming early rises to over $47,000 compared to waiting until 67.<\/p>\n Why She\u2019s Considering Early Filing<\/p>\n Penelope has worked in school administration for 38 years. She\u2019s tired.<\/p>\n \u201cI\u2019m exhausted by the politics, the budget cuts, the parents, all of it,\u201d she said. \u201cMy husband is 68 and already retired. We want to travel and spend time together while we\u2019re both still healthy enough to enjoy it.\u201d<\/p>\n Her husband claimed his Social Security at his full retirement age and receives about $2,100 per month. Between his benefit and her reduced benefit, they\u2019d have $3,483 per month from Social Security alone.<\/p>\n They\u2019ve run the numbers on their expenses. Their mortgage is paid off, and their retirement savings are in decent shape. The reduced benefit isn\u2019t ideal, but it works for their budget.<\/p>\n Is It a Good Idea To Claim Social Security Early?<\/p>\n For Penelope, the answer is yes.\u00a0<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
<\/p>\n
Helping You Live Richer<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-experts-review.svg?webp=1&quality=75\"){kind=icon}
<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon__trusted.svg?webp=1&quality=75\"){kind=icon}
<\/p>\n
Millions of Readers<\/p>\n