Social Security at 62: 70% of Full Benefit
70%
of Full Retirement Benefit
5 years before FRA — permanently reduced
If full benefit = $1,200/mo
$840/mo
If full benefit = $1,600/mo
$1,120/mo
If full benefit = $2,000/mo
$1,400/mo
If full benefit = $2,500/mo
$1,750/mo
If full benefit = $3,000/mo
$2,100/mo
The Claiming Age Decision
Claiming at 62 gives you 70% of your Primary Insurance Amount (PIA). This reduction is permanent — it applies for every month you receive benefits. The breakeven point vs waiting until 67: ~79 years old. If you live past the breakeven, waiting would have produced more lifetime income.