Retirement Social Security

The Unfortunate Truth About Claiming Social Security at 62

Retiring at 62 can feel right today, but it may cost you thousands over the long run.

By Linsey Knerl , Edited by Amanda Machado

Updated April 7, 2026

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Retirees face two realities as they get closer to 62: how long they can work, and how long they should work. While some seniors have no choice due to health or workforce opportunities, others could squeeze out a few more working years if they had to.

That's where the tension lies. Is it best to retire early and get benefits now? Or is waiting a little longer worth the larger payments?

Here are some additional considerations for how each scenario could play out, along with tips for deciding which is best for you.

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Why claiming Social Security at 62 feels so tempting

Claiming Social Security benefits at 62 can be very appealing for several reasons. The most obvious is that it may mean working much less than you do now (or even reaching zero work hours) to be fully retired.

Getting a payout for doing less also makes sense for seniors who have additional caregiving duties and cannot work due to their responsibilities at home. For couples where one spouse must leave the workforce to provide care, early retirement can seem like an easy choice.

Seniors may also struggle to find meaningful work in a changing work environment or economy. If you're choosing between Social Security at 62 and upskilling for a new labor market, early retirement may seem more practical. Many retirees would pick lower payouts over jumping back into the applicant pool.

It may also be very rewarding for those who have worked many years over a lifetime. If you've worked in a physically demanding industry, for example, it might seem like sweet relief to clock in for the last time. Age 62 may not come fast enough.

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The hidden downsides of claiming at 62

Waiting just a bit longer – to 65 or even 70 – comes with added benefits that you don't see if you retire at 62. The most impactful is the larger monthly benefit payment. The Social Security Administration estimates up to a 30% difference between monthly checks for these two groups.

For some retirees, this equates to hundreds of dollars more a month, which could help cover increasing healthcare costs, property taxes, or inflationary expectations.

This increased payment goes away permanently if you claim benefits at 62. There are no do-overs. If you live a lot longer than expected, to your 90s or later, that larger payment would have likely been put to very good use.

Claiming at 62 gets you less retirement income in your lifetime if you live to 80 or longer, so all those Social Security credits you earned while working won't deliver the same return on investment (ROI).

Examples of social security at 62 vs. 67

Let's break down claiming at 62 vs. 67 in simple terms for someone retiring soon, ignoring cost-of-living increases (COLA), and just using baseline math:

Claiming at 67 has a full retirement monthly benefit of $2,000
Claiming at 62 has a monthly benefit of $1,400 (about 30% less)

In this example, claiming at 62 permanently shrinks the monthly check by around $600 a month compared to waiting until full retirement age (FRA).

For someone living to 80, this equates to:

Claiming at 62: 18 years of payments and lifetime benefits of $302,400
Claiming at 67: 13 years of payments and lifetime benefits of $312,000

So, even though you would get fewer total payments by waiting until 67, your large monthly amounts would more than cover the difference. If you live past your late 70s or early 80s, waiting often wins on total dollars.

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When claiming Social Security at 62 can still be smart

Comparing only lifetime earnings, waiting until 67 seems like a better choice for many people. So, what would be the exceptions? People who might consider benefits at 62 include:

Those with health concerns or who don't have a considerably long life expectancy
Those with immediate, urgent financial needs (need to keep their home, unpaid medical bills)
Those who cannot work and need to jump-start retirement

Claiming early could also work in a marriage where the higher earner can delay until 65 or even 70 (when the payments get much larger). This strategy gives the lower earner immediate income at 62, so the couple can reduce withdrawals from savings as the higher earner's benefit grows.

For couples in which one spouse is expected to live much longer, this larger, deferred benefit acts as a survivor benefit and would be much more than if both couples took Social Security at 62.

Bottom line

Having the choice to retire at 62, 65, or even later ensures you have the most flexibility to meet your unique retirement goals. But it can admittedly be difficult to know which to do without some idea of health, financial, and marital challenges ahead.

Since no one can see the future, there may always be an element of assumption in any choice you make.

While claiming benefits at 62 can be a short-term win, retirement should be viewed with a long-term lens that considers the entire household in the years to come.

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