How much of my Social Security benefit do I lose by claiming at 62 instead of full retirement age?

Claiming at 62 permanently reduces your benefit compared to waiting until full retirement age (FRA), which is 67 for anyone born in 1960 or later. The Social Security Administration reduces benefits by about 5/9 of 1% per month for the first 36 months early and 5/12 of 1% for additional months. For someone with an FRA of 67, claiming at 62 cuts the monthly check by roughly 30%. That reduction is not temporary; it lasts your entire life and lowers survivor benefits too. The trade-off is more years of payments.

Compare claiming ages side by side with the Social Security Optimizer at wealthserene.com/tools/social-security-optimizer.