Social Security early retirement at 62 - what percentage of FRA benefits will I actually get?

The exact percentage depends on your birth year since Full Retirement Age (FRA) varies. For most people retiring now, FRA is 66 and some months, or 67. If your FRA is 67, filing at 62 gives you 70% of your full benefit. If FRA is 66, you'd get about 75% at age 62. The reduction is approximately 5/9 of 1% for each month before FRA (up to 36 months) and 5/12 of 1% for each additional month beyond 36 months early.

My brother took his at 62 last year and he only got 71% i think. But he needed the money right away so didn't have much choice. Every situation is diffrent!

The reduction is PERMANENT don't forget!!! A lot of people think they can take it early and then somehow get the full amount later but YOU CAN'T! I made this mistake and regret it every single month when I get my check. If you can possibly wait until your FRA, DO IT!!! Even better if you can wait until 70 - that's a 24% INCREASE over your FRA amount. Social Security is one of the few guaranteed lifetime income sources with inflation protection...don't shortchange yourself if you don't absolutely need the money at 62.

Let me clarify a few things since there's some confusion in the responses: 1. For someone born in 1963 (as you mentioned in a comment), your FRA is indeed 67 and claiming at 62 means you'll receive exactly 70% of your Primary Insurance Amount (PIA). 2. The reduction follows a specific formula: 5/9% reduction per month for the first 36 months before FRA, and 5/12% reduction per month for months beyond that. So the total reduction for 60 months early (67 to 62) is 30%. 3. This reduction is permanent, but there's one exception: if you claim early, then withdraw your application within 12 months, repay all benefits received, and reapply later. But this is a one-time option. 4. Consider your life expectancy, other income sources, and immediate needs when making this decision. The break-even age (where waiting for FRA equals total benefits from claiming early) is usually in your early 80s. Hope this helps with your planning!

Been trying to call SSA for WEEKS to ask this exact question! Always disconnected or hours of waiting. So frustrating!!! Has anyone found a way to actually talk to a real person there?

my sister says if u take it at 62 you only get like 65% but idk if thats right cause my neighbor got more than that i think

ALSO remember that if you're married, taking it early impacts SURVIVOR BENEFITS too!! If you're the higher earner and you take reduced benefits, your spouse might get lower survivor benefits if you pass away first. My husband took his early and now I'm stuck with his reduced benefit for the rest of my life since he passed. THINK LONG TERM!!!

I've been wrestling with this same decision. What complicates things for me is the earnings test while working. I plan to keep working part-time until 65, and if I claim at 62, I'll lose some benefits due to the earnings limit ($22,320 for 2025). However, once I reach FRA, SSA will adjust my benefit amount to account for months where benefits were withheld. Another factor to consider is that taking benefits at 62 might mean you pay taxes on Social Security for more years if you're still working with substantial income. Up to 85% of benefits can be taxable depending on your combined income. Anyone know if the recalculation at FRA for benefits withheld due to the earnings test fully makes up for the early claiming reduction?

Thanks everyone for the information! Based on your advice, I'm thinking more carefully about this decision. One more question - does anyone know if delaying affects COLA increases? Like if I take reduced benefits now, do I also get reduced COLA adjustments going forward?