You can start collecting Social Security at age 62 if you have earned 40 work credits, but filing that early permanently cuts your monthly benefit by up to 30 percent compared with waiting until full retirement age. That reduction never disappears, and claiming early also interacts with any wages you still earn, the taxes you’ll owe on your benefits, and the health insurance you’ll need before Medicare kicks in at 65.
How Much Less You Get by Claiming at 62
For anyone born in 1960 or later, full retirement age is 67. Filing at 62 means collecting five years early, and Social Security shrinks the monthly check to reflect the longer payout period. The formula reduces your benefit by 5/9 of one percent for each of the first 36 months before full retirement age, then 5/12 of one percent for each additional month.1Social Security Administration. Early or Late Retirement Across 60 months that comes to a 30 percent cut. A $2,000 full-retirement-age benefit becomes $1,400 at 62.2Social Security Administration. Born in 1960 or Later
The reduction is permanent. Your check does not jump up when you reach 67. Cost-of-living adjustments each year will nudge the amount higher, but the base always carries the early-claiming penalty.
Waiting past full retirement age moves the number the other direction. Social Security adds 8 percent per year in delayed retirement credits for each year past 67, up to age 70, for a benefit 24 percent higher than the full-retirement-age amount.3Social Security Administration. Delayed Retirement Credits The spread between a 62 check and a 70 check is large enough that health, savings, and life expectancy all deserve a hard look before you file.
Do You Qualify at 62
You need 40 work credits to claim retirement benefits on your own record. In 2026, one credit is earned for every $1,890 in wages or self-employment income, capped at four credits per year.4Social Security Administration. Quarter of Coverage5Office of the Law Revision Counsel. 42 U.S.C. 414 – Insured Status for Purposes of Old-Age and Survivors Insurance Benefits Most workers cross the 40-credit line after about ten years of paid work.
Your actual payment is your Primary Insurance Amount, calculated from your highest 35 years of inflation-adjusted earnings. Fewer than 35 working years means Social Security fills in zeros for the missing years, which drags the average down.
What Happens if You Keep Working
Filing at 62 does not require you to stop working, but earning above a threshold triggers a temporary withholding. In 2026, if you are under full retirement age for the whole year, Social Security holds back $1 in benefits for every $2 you earn above $24,480.6Social Security Administration. Receiving Benefits While Working During the calendar year you reach full retirement age, the limit rises to $65,160 and the rate drops to $1 for every $3 over. Starting the month you hit full retirement age, the earnings test ends.7Social Security Administration. Exempt Amounts Under the Earnings Test
Withheld dollars are not lost. Once you reach full retirement age, Social Security recalculates your benefit and credits back the months where payments were reduced. Still, if you plan to keep earning a solid income, filing at 62 can mean small or no checks for a stretch while the permanent 30 percent reduction still applies.
Spousal, Divorced Spouse, and Survivor Benefits
A spouse can claim on a worker’s record starting at 62, even with little work history. At full retirement age the spousal benefit is 50 percent of the worker’s Primary Insurance Amount. Claiming that spousal benefit at 62 when your full retirement age is 67 cuts it by 35 percent, leaving 32.5 percent of the worker’s benefit.8Social Security Administration. Benefits for Spouses9Social Security Administration. Retirement Age and Benefit Reduction
Divorced spouses can also collect on an ex’s record if the marriage lasted at least ten years, the divorce has been final at least two years, and the divorced spouse has not remarried.10Social Security Administration. If You Had a Prior Marriage The ex-spouse does not have to know or agree, and their own benefit is unaffected.
Survivor benefits are a separate track. A surviving spouse can start reduced survivor benefits as early as 60, not 62, and the full survivor amount equals the deceased worker’s full benefit rather than the 50 percent spousal cap.11Social Security Administration. Survivors Benefits If you are already collecting a reduced retirement benefit at 62 and later become a surviving spouse, Social Security generally pays the higher of the two.
Taxes on Your Benefits
Social Security income can be taxable. The trigger is “combined income,” which is your adjusted gross income plus any nontaxable interest plus half of your Social Security benefits. For a single filer with combined income between $25,000 and $34,000 (or a married couple filing jointly between $32,000 and $44,000), up to 50 percent of your benefits may be included in taxable income. Above $34,000 single or $44,000 joint, up to 85 percent can be taxed.12Office of the Law Revision Counsel. 26 U.S.C. 86 – Social Security and Tier 1 Railroad Retirement Benefits
Those thresholds have not been adjusted for inflation since the 1980s, so more retirees cross them every year. At 62, a mix of wages, traditional IRA or 401(k) withdrawals, and Social Security can push combined income past the 85 percent line quickly. Distributions from traditional accounts count as ordinary income; qualified Roth withdrawals do not, which is why Roth balances are useful for managing the combined income calculation.13Internal Revenue Service. Retirement Topics – Exceptions to Tax on Early Distributions
Social Security does not automatically withhold federal income tax. If you want it withheld, file Form W-4V and pick 7, 10, 12, or 22 percent.14Internal Revenue Service. About Form W-4V, Voluntary Withholding Request Otherwise, plan on quarterly estimated payments to avoid a penalty. Some states also tax benefits, so check yours.
Filling the Health Insurance Gap
Medicare starts at 65.15Office of the Law Revision Counsel. 42 U.S.C. 1395c – Description of Program Retire at 62 and you have three years of coverage to arrange on your own. Underestimating this cost is one of the more common ways an early retirement plan comes apart.
COBRA lets you stay on a former employer’s group plan for up to 18 months, but you pay the full premium plus a 2 percent administrative fee, up to 102 percent of the total plan cost.16U.S. Department of Labor. Continuation of Health Coverage (COBRA)17Centers for Medicare & Medicaid Services. COBRA Continuation Coverage The 18-month cap also means COBRA alone will not bridge the entire gap to 65.
The ACA marketplace is the other main route, and it uses projected household income for the coverage year rather than last year’s income, which helps once your paychecks stop. A meaningful change hit in 2026: the enhanced premium tax credits that had been in place since 2021 expired on January 1, 2026. Premium tax credits are once again limited to households with income between 100 and 400 percent of the federal poverty level.18Congress.gov. Enhanced Premium Tax Credit and 2026 Exchange Premiums19HealthCare.gov. What’s Included as Income Income above that ceiling now means no subsidy, and marketplace premiums for a 62-year-old are considerably higher than they were the past few years. Below the ceiling, help can still be substantial. Run the numbers on your projected income before you commit to a retirement date.
How to Apply
You can apply up to four months before you want payments to start.20Social Security Administration. How Do I Apply for Social Security Retirement Benefits? The fastest route is the online portal at ssa.gov; phone appointments and in-person field office visits are also available.
Have these ready:
- An original or certified birth certificate, or proof of lawful status if born outside the United States.
- Social Security numbers for you, your current spouse, and any eligible children.
- Recent W-2s or self-employment tax returns.
- Bank routing and account numbers for direct deposit.
- A DD-214 if you served on active duty between 1957 and 2001, since those years may qualify for extra earnings credits.21Social Security Administration. Special Extra Earnings for Military Service
The application also asks for employer names and earnings from the last two years.22Social Security Administration. Information You Need to Apply for Retirement Benefits or Medicare One rule to plan around: at 62, benefits cannot be paid retroactively. Retroactive payments are only available after full retirement age and cover at most six months. Your check starts the month you specify, no earlier.
If You Change Your Mind
You get one chance to undo an early claim. Within 12 months of benefit approval, you can withdraw your application by filing Form 521. You must repay every dollar you and your family received, including amounts withheld for Medicare premiums, taxes, and garnishments. If Medicare Part A paid any medical costs during that period, those must be repaid too. You can only withdraw once, and after the 12-month window the reduction is locked in for life.23Social Security Administration. Cancel Your Benefits Application