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Americans who claim Social Security benefits at 62 will receive permanently reduced benefits during their retirement.Credit: Getty Images KEY TAKEAWAYS <\/p>\n
Americans who claim Social Security benefits at 62 will receive permanently reduced benefits during their retirement.
Credit: Getty Images KEY TAKEAWAYS <\/p>\n
More than a quarter of Social Security beneficiaries begin claiming benefits at age 62, resulting in permanently reduced payments.<\/p>\n
Delaying Social Security benefits beyond full retirement age increases later benefits.<\/p>\n
A full or boosted benefit matters most for retirees who depend on Social Security for much of their income.<\/p>\n
More than a quarter of Social Security beneficiaries begin getting their benefits at an age when they would be permanently cut, according to government data.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Note <\/p>\n
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%.<\/p>\n
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.<\/p>\n
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<\/a> and cuts to staff<\/a> at the Social Security Administration. Higher earners\u2014those with the most flexibility to wait\u2014were among those filing at 62 in unusual numbers, an Urban Institute analysis found.<\/p>\n The Cost of Claiming Early <\/p>\n