Retirement Social Security

The Worst Age To Claim Social Security (And How Much It Can Cost You)

The real cost of filing age and how timing shapes lifetime income.

By Chris Lewis, CEPF

Updated May 14, 2026

Many people rush to claim Social Security as soon as they turn 62, thinking there's no real downside. But experts suggest that filing early can dramatically reduce your lifetime income, leaving you with less money when you may need it most.

Here's why the age you claim matters, what you might give up by filing too soon, and when early claiming could still make sense for your retirement plan.

You lock in a permanently smaller check

The biggest cost of filing early is simple: a reduced monthly benefit for life. If your full retirement age (FRA) is 67, claiming at 62 means you get about 30% less each month, permanently.

Let's say your full benefit at age 67 would be $2,000. Claiming at 62 reduces that to roughly $1,400, which is $7,200 less per year, every year you collect benefits. That reduction not only shrinks your monthly income. It shrinks your overall retirement security.

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You miss out on delayed-retirement credits

If you wait past your FRA, Social Security gives you a raise for every year you delay, about 8% more per year, up to age 70.

So instead of collecting $2,000 at age 67, you could get $2,480 at age 70, and that higher amount lasts for life. If you claim early, you miss out on this growth, meaning your benefit at 62 is more than $1,000 less per month than the max you could get at 70.

You could get hit by the earnings test

If you keep working after filing early, your benefits may be temporarily reduced. In 2026, if you're under full retirement age and earn more than $24,480, the SSA will withhold $1 for every $2 you earn over the limit.

For example, earning $10,000 over the limit could reduce your benefits by $5,000 that year. Once you reach full retirement age, the SSA adjusts your benefit to credit back the withheld months, but it still creates short-term cash flow issues.

Your cost-of-living increases will be smaller

Cost-of-living adjustments (COLAs) are applied as a percentage of your monthly check. So if you start with a smaller benefit, your future raises will be smaller too.

A 2.8% COLA in 2026 means:

$2,000 check gets a $56 bump
$1,400 check gets just $39

Over time, those smaller raises compound, which means the gap between early filers and those who wait gets wider with each passing year.

Spousal and survivor benefits are also reduced

Your benefit affects more than just you. Spouses and surviving spouses receive benefits based on your amount, so a reduced benefit at 62 also means a smaller check for your partner down the road.

If you pass away, your surviving spouse generally receives what you were receiving. Filing early means they may inherit a smaller benefit than they might otherwise have received had you waited.

When early claiming might still be the right move

Despite the downsides, there are cases where filing at 62 makes sense:

Poor health or a shorter life expectancy
No other income and immediate financial need
High medical or caregiving costs
No access to work due to layoffs or disability

A 2025 Schroders survey found more than a third of early filers claimed at 62 simply because they needed the money. If claiming early is the only way to cover your essentials, it may still be the right call, but it should be a strategic one, not automatic.

Bottom line

Claiming Social Security is a personal decision, and the best way to get it right is to focus on real numbers, not just your birthday.

Log into your my Social Security account to see your personalized benefit estimates at 62, 67, and 70. Then compare those numbers with your budget, health outlook, and savings. You can also use online calculators to see how your lifetime income changes based on when you file.

If you're unsure, talk to a financial advisor or use SSA's help tools. The age you claim doesn't just affect you today. It affects your financial fitness for the rest of your life, so it is important to avoid money mistakes.

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Editor's Note: Portions of this story were drafted with assistance from generative AI tools. All final creative decisions, edits, and fact checking were done by human writers and editors.