Retirement Social Security

The Unfortunate Truth About Claiming Social Security Early

Getting benefits sooner is great in theory, but there are consequences you may not see coming.

By Maurie Backman , Edited by Laura Hohenstein

Updated April 30, 2026

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For many Americans today, the combination of Social Security benefits and savings is essential for a stress-free retirement. But even if you've saved a nice amount of money, you may need a decent monthly Social Security check to keep up with your ongoing retirement costs.

To that end, it's important to file for Social Security at the right time. And while you can take benefits as early as age 62, there are consequences to filing for Social Security ahead of full retirement age that you may not be aware of.

Here's why claiming Social Security benefits early might seem like a good idea when, in reality, it's a move that could backfire.

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What claiming benefits early does to your monthly checks

Your monthly Social Security benefits are based on two main factors – your lifetime earnings and your filing age. You're eligible for your Social Security benefits without a reduction at full retirement age, which is 67 for anyone born in 1960 or later.

Meanwhile, you can file for Social Security benefits as early as age 62. But filing ahead of full retirement age means reducing your benefits on what's generally a permanent basis.

Let's say you're entitled to a $2,000 monthly Social Security benefit at 67. Filing at 62 means locking in a $1,400 monthly payment instead. Even if you can make your peace with getting $600 less per month, there are other issues you might run into over time.

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Your COLAs will be worth less

Social Security benefits are eligible for a cost-of-living adjustment (COLA) every year. But the smaller your monthly checks are to begin with, the less money each COLA will add to your benefits.

This year, for example, Social Security benefits got a 2.8% COLA. For someone getting $2,000 a month, a 2.8% COLA amounts to a $56 boost. For someone getting just $1,400 a month, that same COLA only adds $39.20.

On a single month's basis, that's not a huge deal. Over several decades, it could be huge.

As it is, Social Security COLAs have done a bad job of helping beneficiaries keep up with inflation. The Senior Citizens League says that between 2010 and 2024, benefits lost 20% of their buying power. If you shrink your benefits and your COLAs are meager as a result, you might struggle even more as living costs rise.

Plus, Medicare Part B increases can eat into your COLAs every year. If your COLAs are smaller because you've reduced your benefits and there are big Part B increases in the future, it's conceivable that your benefits may not rise at all some years.

Your spouse may be left with smaller survivor benefits

Another issue with claiming Social Security early? You could potentially reduce your spouse's survivor benefits.

If you're the higher earner in your household and your spouse outlives you, they'll be eligible for survivor benefits up to 100% of whatever monthly benefit amount you locked in. But if you file for Social Security early and reduce your monthly benefits, you'll also leave your spouse with smaller benefits once you're no longer around.

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You'll have an earnings test to worry about

Claiming Social Security benefits early could also become an issue if you end up working in some capacity while receiving those monthly checks. That's because Social Security has an earnings test that applies to beneficiaries who have not yet reached full retirement age.

The limits of the earnings test change every year. In 2026, workers who will not reach full retirement age by December 31 have $1 in Social Security withheld per $2 above $24,480 of earnings. At full retirement age, there are no limits to worry about.

Now it is worth noting that withheld benefits due to earning too much are not lost forever. The money is returned in the form of larger monthly benefits once full retirement age arrives. But there's still a near-term consequence if you intend to work.

Bottom line

Social Security may be an important part of your retirement plan. So it's important to claim benefits strategically.

In some situations, claiming Social Security early can make sense, such as if you have poor health that's likely to lead to a shortened lifespan or you have a specific need for money sooner, like being unable to work. But if you're able to hold off on claiming Social Security, you could set yourself up with much more income for life.

Not only does waiting until full retirement age help you avoid a reduction in benefits, but delaying your claim past that point boosts your Social Security checks by 8% a year until age 70. And remember, while your savings could run out over time, your Social Security checks are guaranteed for life. So the larger they are to begin with, the more options you might have.

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