Natalia
Thinking about claiming Social Security at 62? You’re not alone.
Many people want the security of an earlier check, but few realize how starting early affects monthly benefits, the earnings test, taxes, Medicare timing, and spousal/survivor benefits.
In 2025, rules and thresholds make a real difference: filing at 62 permanently reduces your payment compared with Full Retirement Age (FRA), and working before FRA can temporarily withhold some checks under the retirement earnings test.
At the same time, Cost-of-Living Adjustments (COLA), ongoing work credits, and limited “do-over” options can change your long-term picture.
This guide clears up the biggest myths about claiming at 62 with simple language and real numbers.
You’ll learn how the benefit formula works, what happens if you keep working, how spousal and survivor benefits are calculated, when Medicare fits in, and why delayed retirement credits can boost lifetime income if you wait.
We also include a quick comparison table and practical decision steps so you can match the rules to your health, income, and family needs.
By the end, you’ll know exactly what really happens if you start early—and whether it’s the right move for you.
2025 at a glance (quick facts)
- Full Retirement Age (FRA): 67 for anyone born 1960 or later.
- Early-claim reduction: If your FRA is 67 and you claim at 62, your check is about 70% of your full benefit (PIA), permanently.
- Delayed credits: Waiting past FRA boosts benefits by ~8% per year until age 70 (max 124% of PIA at 70 when FRA=67).
- 2025 COLA: Benefits rose 2.5% starting with January 2025 payments.
- Earnings test (2025): If you work before FRA, annual limit $23,400 (lose $1 for every $2 over). In the year you reach FRA, higher limit $62,160 ($1 for every $3 over, counted only before the month you hit FRA). Withheld months are re-credited at FRA.
- Max taxable wages (2025): $176,100.
- Taxes on benefits: Up to 85% of benefits may be taxable based on combined income thresholds ($25,000 single; $32,000 married filing jointly—unchanged in 2025).
Myth #1: “If I don’t claim at 62, Social Security might run out.”
Reality: Social Security isn’t going “to zero.” Current projections show that, without new legislation, the OASI trust fund could pay 100% of scheduled benefits until 2033, then about 77% of scheduled OASI benefits from ongoing payroll taxes.
If the two trust funds are viewed together (OASDI), they could pay 100% until 2034, then about 81% thereafter.
That’s a cut—not a collapse—and Congress has decades of history adjusting the system. Filing early out of fear can lock you into a permanently smaller check.
Myth #2: “Claim at 62 now; the cut disappears when I reach FRA.”
Reality: Early reductions are permanent. If your FRA is 67, claiming at 62 pays ~70% of your full benefit for life.
Delay to 70, and you get ~124% thanks to delayed retirement credits. Those percentages apply for life (and COLAs layer on top of whatever amount you’re getting).
What the percentages look like in dollars (example)
Assume your PIA (100% at FRA) is $2,000.
| Claiming age | % of PIA | Monthly benefit (example) |
|---|---|---|
| 62 | ~70% | $1,400 |
| 67 (FRA) | 100% | $2,000 |
| 70 | ~124% | $2,480 |
(Percentages per SSA rules for those with FRA 67; your result depends on your own earnings record.)
Myth #3: “COLA will fix early-claim cuts later.”
Reality: COLA increases apply to whatever you’re already receiving. If you locked in 70% at 62, every future cost-of-living adjustment multiplies 70%, not 100%.
For 2025 specifically, the COLA was 2.5%—and it raised both reduced and unreduced checks by the same percentage.
Myth #4: “If I keep working after claiming at 62, Social Security takes that money forever.”
Reality: The earnings test can temporarily withhold benefits if you’re under FRA and earn over the annual limit, but those months aren’t lost.
When you reach FRA, Social Security recalculates your benefit to credit back withheld months—permanently raising your check going forward.
For 2025, the limits are $23,400 (under FRA all year) and $62,160 (in the year you reach FRA, counted before your FRA month).
After you reach FRA, there’s no earnings limit.
Myth #5: “I’ll take spousal benefits at 62 and switch to my own later.”
Reality: For anyone who turned 62 on or after Jan. 2, 2016, the deemed filing rule generally forces you to file for all benefits you’re eligible for when you apply—you can’t collect a spousal benefit first and then switch to your own later to earn delayed credits.
In addition, if a spouse files at 62, the spousal benefit can be as low as 32.5% of the worker’s PIA (instead of the maximum 50% at FRA).
Myth #6: “Claiming at 62 doesn’t affect my spouse if I die first.”
Reality: Survivor benefits are tied to what the deceased worker actually received (or was entitled to)—including any early-claim reduction or delayed credits.
Filing early can reduce your surviving spouse’s check; delaying can increase it, because delayed retirement credits carry over to survivors.
Myth #7: “Once I claim at 62, I can’t change my mind.”
Reality: You have two limited “do-over” tools:
- Within 12 months of first entitlement, you can withdraw your application, repay what you were paid, and restart later at a higher rate. (This can be used once.)
- After you reach FRA, you can suspend benefits to earn delayed retirement credits (your payment restarts automatically at 70 or when you ask).
Myth #8: “Taxes won’t impact my early-claim decision.”
Reality: They often do. Up to 85% of Social Security benefits can be taxable if your combined income exceeds $25,000 (single) or $32,000 (married filing jointly)—thresholds that haven’t been indexed and still apply in 2025.
Coordinating withdrawals and part-time income can help manage taxation, but claiming early doesn’t shield you from taxes.
Myth #9: “The ‘break-even age’ means 62 is always worse.”
Reality: Break-even math compares total dollars over time and varies with your health, work plans, taxes, COLA, and whether a spouse could receive survivor benefits. As a simple illustration using the table above (PIA $2,000):
- Claim at 62: $1,400/month
- Claim at 67: $2,000/month
- Claim at 70: $2,480/month
If you claim at 62, you collect five extra years of checks before 67 (60 payments × $1,400 = $84,000).
But once the person who waited to 67 starts getting $600 more per month than you, they’ll make up that head start over time.
Ignoring COLA and taxes, $84,000 ÷ $600 ≈ 140 months (~11.7 years) after 67—around age 78-79—is a rough, example-only break-even.
Your actual break-even changes with COLA, taxes, earnings, and spouse benefits.
The ripple effects of starting at 62
Your future raises ride a smaller base
COLAs compound on your reduced amount. A 2.5% COLA in 2025 increased all checks, but a 2.5% raise on 70% of PIA is still less money than 2.5% on 100% of PIA.
Working can still boost your check
SSA recalculates your benefit if new earnings replace a low year in your top 35-year record—and also recredits months withheld by the earnings test once you hit FRA.
Spousal & survivor strategy matters
Deemed filing limits the old “claim one, switch later” approach, while delayed credits pass through to a survivor. Early filing not only trims your own check—it can trim your spouse’s later, too.
Handy 2025 reference
| Topic | 2025 rule / number | Why it matters if you file at 62 |
|---|---|---|
| COLA | 2.5% applied to Jan 2025 benefits | Raises are on your reduced base if you start early. |
| Earnings test (under FRA all year) | $23,400; lose $1 for each $2 over | Withholding is temporary; SSA recredits at FRA. |
| Earnings test (year you reach FRA) | $62,160; $1 for each $3 over (counted only before FRA month) | Lets many work more in the FRA year with less withholding. |
| Max taxable wages | $176,100 | Affects how much you and employers pay in payroll tax. |
| FRA (born 1960+) | Age 67 | Sets your 100% benefit point and reduction schedule. |
| Delayed credits | ~8%/yr to age 70 | Waiting after FRA increases lifetime monthly income. |
| Taxes on benefits | Thresholds $25k/$32k (single/joint) | Up to 85% of benefits may be taxable. |
How to decide if 62 makes sense (quick checklist)
- Cash-flow need: If you must replace income now and have little savings, starting at 62 can be sensible despite the cut.
- Health & longevity: Shorter life expectancy may tilt toward early claiming; strong longevity (and a younger/lower-earning spouse) often favors delaying.
- Work plans: If you’ll keep working and earn above the earnings limit, factor in withholding and the FRA re-credit.
- Married strategy: Consider your spouse’s future survivor benefit—your claiming age can raise or reduce what they receive.
- Taxes: Map out whether claiming early pushes more of your benefit into the taxable range.
- Do-overs: If you claim and regret it, remember withdrawal (12 months) and suspension (after FRA) options exist.
Bonus: Age vs. percentage quick view (FRA 67)
| Age | % of PIA |
|---|---|
| 62 | ~70% |
| 63 | ~75% |
| 64 | ~80% |
| 65 | ~86.7% |
| 66 | ~93.3% |
| 67 (FRA) | 100% |
| 70 | ~124% |
(Percentages rounded from SSA schedules for those born 1960+.)
Claiming Social Security at 62 is neither “wrong” nor “automatic.” It’s a trade-off: you get money sooner but lock in a smaller base for life (and potentially for your survivor).
The 2025 rules make the math clearer: 70% at 62 vs. 100% at FRA 67, or up to 124% at 70, with COLAs compounding on whatever base you choose.
Add in the earnings test, tax thresholds, and the impact on a spouse, and the smartest path is the one that fits your cash-flow needs, health outlook, work plans, and household strategy.
Use these facts to pressure-test your decision before you file.
FAQs
No. SSA may withhold months if you exceed the annual limit, but at FRA they recalculate and raise your check to credit those withheld months.