Claiming Social Security at 62 may feel like the obvious move, especially as concerns over the program's long-term funding grow.
But experts say locking in benefits too early could permanently shrink retirement income and cost retirees thousands over time.
Under Social Security Administration benefit calculations, workers with a full retirement age of 67 could see monthly benefits reduced by about 30% if they claim at 62, while delaying until 70 could increase benefits by roughly 24%.
For example, someone eligible for $2,000 per month at 67 would receive only $1,400 at 62, but about $2,480 at 70.
When 62 Makes Sense Claiming early is not always a mistake.
