Social Security at 62
Updated October 2026 · 2026 figures from the Social Security Administration and IRS
Taking Social Security at 62 gets you 70% of your full benefit for life if you were born in 1960 or later (full retirement age 67) — a permanent 30% cut. In 2026 the maximum at 62 is $2,969 a month. You need 40 work credits, can apply from 61 and 9 months, and if you keep working, $1 is withheld for every $2 you earn above $24,480.
Below: exactly what you give up, who should still claim at 62, and the traps — health insurance until 65, the earnings limit and your spouse's survivor benefit.
How much Social Security at 62 pays
| Full benefit at 67 | At 62 (70%) | At 67 (100%) | At 70 (124%) |
|---|---|---|---|
| $1,000 | $700 | $1,000 | $1,240 |
| $1,500 | $1,050 | $1,500 | $1,860 |
| $2,000 | $1,400 | $2,000 | $2,480 |
| $2,500 | $1,750 | $2,500 | $3,100 |
| $3,000 | $2,100 | $3,000 | $3,720 |
| $3,500 | $2,450 | $3,500 | $4,340 |
The maximum for someone claiming at 62 in 2026 is $2,969, against $4,152 at full retirement age and $5,181 at 70 (SSA). Get your own figures with the Social Security calculator.
The break-even age
Claiming at 62 pays for more months; waiting pays more per month. Ignoring COLAs and investment returns, someone who waits until 67 instead of 62 comes out ahead after about 78 and a half; waiting until 70 instead of 62 pays off after about 80. Since a 62-year-old today has a good chance of living past 85, waiting usually wins for healthy people — but only if you can afford to wait.
When claiming at 62 makes sense
- You've stopped working and need the income — spending down savings early can cost more than the reduction.
- You have serious health problems or a short family life expectancy.
- You're single, or the lower earner in a marriage (your benefit won't become your spouse's survivor benefit).
- You have minor children who can draw benefits on your record once you claim.
Traps to know before you claim at 62
1. The earnings limit
If you keep working, SSA withholds $1 for every $2 you earn above $24,480 in 2026 (SSA 2026 COLA fact sheet). Earning $44,480, for example, means $10,000 of benefits withheld. The money isn't lost — your benefit is raised at full retirement age — but it can make claiming while working pointless. Details: Social Security earnings limit.
2. No Medicare until 65
Social Security at 62 doesn't bring Medicare. Budget for three years of health insurance from an employer, a spouse's plan, COBRA or the ACA marketplace. See Medicare age.
3. Your spouse's survivor benefit
If you're the higher earner, a widow or widower receives your reduced benefit (at least 82.5% of your full amount). Claiming at 62 can lower your spouse's income for decades — see survivor benefits.
4. Spousal benefits are reduced too
A spouse claiming at 62 gets 32.5% of the worker's full benefit instead of 50% (full retirement age 67). See Social Security spousal benefits.
How to start Social Security at 62
- Check you have 40 credits on your Social Security Statement.
- You must be 62 for the whole month: benefits can start the month after your 62nd birthday (the same month if you were born on the 1st or 2nd).
- Apply online up to four months ahead, from 61 and 9 months — see how to apply for Social Security.
Frequently asked questions
How much Social Security will I get at 62?
70% of your full retirement age benefit if you were born in 1960 or later. With a $2,000 full benefit, that's $1,400 a month. The 2026 maximum at 62 is $2,969.
Can I collect Social Security at 62 and still work?
Yes, but in 2026 SSA withholds $1 for every $2 you earn above $24,480. Withheld benefits are added back by raising your monthly amount at full retirement age.
Is it better to take Social Security at 62 or 67?
Waiting until 67 pays 43% more per month than claiming at 62. Claiming early pays off only if you die before about 78 and a half, or you need the money now.
Do I get Medicare at 62 with Social Security?
No. Medicare starts at 65, unless you've received disability benefits for 24 months or have ALS or kidney failure.
Does Social Security increase at full retirement age if I took it at 62?
No, the reduction is permanent. It only increases with COLAs, or if benefits were withheld under the earnings limit.