841,000 Americans Claim Social Security at 62, Cutting Monthly Benefits by Up to 30%
Updated
Updated · Money Talks News · Sep 8
841,000 Americans Claim Social Security at 62, Cutting Monthly Benefits by Up to 30%
1 articles · Updated · Money Talks News · Sep 8
Summary
About 841,000 U.S. workers claimed Social Security at age 62 in 2024, the earliest and most common filing age despite permanently smaller monthly checks.
A worker with a full retirement age of 67 can lose up to 30% by filing at 62, while waiting past full retirement age raises benefits about 8% a year until 70.
A $2,000 monthly benefit at 67 would be about $1,400 at 62 and roughly $2,480 at 70, with future cost-of-living increases compounding from the higher base.
A 2023 NBER analysis found more than 90% of workers would collect more over their lifetimes by waiting until 70, yet only about 1 in 10 do; the median loss was estimated at $182,370 in lifetime spending power.
For couples, the higher earner's delay matters most because the surviving spouse keeps only the larger benefit, though early claiming can still make sense for people in poor health or with little savings.