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Can Social Security be drawn at 62?

Carter Sullivan
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You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

You can get Social Security retirement benefits as early as age 62. However, we’ll reduce your benefit if you retire before your full retirement age. For example, if you turn age 62 in 2021, your benefit would be about 29.2 percent lower than it would be at your full retirement age of 66 and 10 months.

What happens to your Social Security benefits when you turn 62?

If you claim Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits. For every year you delay past your FRA up to age 70, you get an 8% increase in your benefit.

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How old do you have to be to start drawing Social Security?

Many people do. Age 62 is the earliest age at which you can begin drawing on your Social Security retirement benefits, and like many people, you may want to take your benefits as soon as you can.

What’s the cost of living adjustment for Social Security at 62?

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It now ranges from 66 to 67, depending on your date of birth (see your full retirement age). And your annual cost-of-living adjustment (COLA) is based on your benefit. So if you begin Social Security at 62, and start with reduced benefits, your COLA-adjusted benefit will be lower too.

How to find out if your Social Security benefits will be reduced at full retirement age?

To find out how much your benefit will be reduced if you begin receiving benefits from age 62 up to your full retirement age, use the chart below and select your year of birth. This example is based on an estimated monthly benefit of $1000 at full retirement age. Year of Birth 1. Months between age 62 and full retirement age 2. At Age 62 3.