3 Surprising Things That Happen When You Claim Social Security at 62

Applying for Social Security at 62 sets you up to receive a predictable monthly benefit for the rest of your life. You'll get the most checks possible if you apply right away, but you could also run into a few unexpected challenges.

If you've considered signing up for Social Security at age 62, there are three potential downsides you'll want to be aware of before you fill out that application.

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1. You can reduce your retirement benefit by up to 30%

The Social Security Administration allows you to apply for benefits as soon as you turn 62, but that's technically considered early claiming and carries a penalty. If you hope to avoid that penalty, you must wait until your full retirement age (FRA) to apply. This is 67 for most workers today.

When you sign up right away, you'll shrink your checks by 30% per month. That's enough to drop the $2,079 average monthly retirement benefit as of March 2026 to $1,455 per month. That loss is usually permanent, and it can result in a smaller lifetime benefit for many.

2. You'll reduce the survivor benefit available to your family members

Your spouse, any dependent children, and possibly your parents may be eligible to claim a survivor benefit on your work record after you've passed away. How much they get depends on the amount you were receiving at the time of your death.

When you apply early, you permanently reduce the amount they're eligible to receive. This could be problematic if you expect your family to be heavily dependent upon Social Security after you're gone.

3. You could lose money to the earnings test if you're still working

If you're still working while claiming Social Security under your FRA, you could lose money to the earnings test if your income is high enough. Specifically, you'll lose $1 for every $2 you earn over $24,480 from your job if you're under your FRA all year. Those who will reach their FRA this year lose $1 for every $3 they earn over $65,160, but only if they earn this much before their birth month.

Money lost to the earnings test comes back to you as a benefit boost at your FRA. But in the meantime, you could lose some or all of your checks. This could force you to rely more heavily upon personal savings or income from your job.

None of this is to say that you can't claim Social Security at 62. But if any of the above issues concern you, delaying benefits could be a better option. Every month you wait boosts your checks until you qualify for your largest possible benefit at 70.

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