You probably know that your monthly Social Security benefit is based on your income throughout your career. Generally, the more you earn, the larger your benefits will be. By the time you’re eligible to apply, it might feel like your benefit is locked in, but that’s not true.
Your application’s timing affects your checks, too. That’s also where a lot of people make a decision that could permanently shrink their benefits by up to 30%.
Image source: Getty Images.
Claiming early could cost you big time
The first step in the Social Security benefit calculation is determining the amount you qualify for at your full retirement age (FRA). Yours depends on your birth year, but it’s 67 for most workers today. From there, the government adjusts your benefit up or down, depending on when you actually claim.
Claiming early reduces your checks while delaying past your FRA increases your checks until you qualify for your maximum benefit at 70. The table below shows the rate of benefit increase over time for someone with an FRA of 67.
From Ages:
Social Security Benefits Grow By:
62 to 64
5/12 of 1 percentage point per month (5 percentage points per year)
64 to 67
5/9 of 1 percentage point per month (6.67 percentage points per year)
67 to 70
2/3 of 1 percentage point per month (8 percentage points per year)
Data source: Social Security Administration. Percentage points are in relation to FRA benefits.
Someone with an FRA of 67 who claims as soon as they become eligible at 62 will get 30% less per month. To put that in perspective, if you qualified for the $2,075 average Social Security benefit as of January 2026 at your FRA of 67, you’d only get $1,453 per month by applying at 62.
That’s $622 less per month. It may also lead to a smaller lifetime benefit than you would have gotten had you waited until your FRA or beyond to apply.
When claiming Social Security at 62 might make sense
That said, there are times when claiming Social Security at 62 could be your best option. For example, if you don’t have a lot of personal savings and are forced into an unexpected retirement, claiming early is better than falling into debt.
You may also want to claim early if you’re single without dependents and have a short life expectancy. This way, you’ll get some money from the program while you’re still alive. You can do this if you’re married or have dependents as well, but you should note that it will reduce the survivor benefits available to your family members after you’re gone.
It’s also fine to sign up at 62 just because you want to. But make sure you understand the trade-offs first. You’ll get more checks, but you must be comfortable with the smaller amount before applying.
