How much does Social Security go down if I claim at 62?

For anyone born in 1960 or later, the Social Security Administration's own table shows what share of the full benefit you get at each claiming age: 70% at 62, 75% at 63, 80% at 64, 86.7% at 65, 93.3% at 66, and 100% at 67.

The cut is permanent. It does not go away when you reach full retirement age. SSA's 2026 retirement booklet puts it plainly: if you turn 62 in 2026, your benefit would be about 30% lower than at your full retirement age of 67.

Example: a $2,000 benefit at 67 becomes $1,400 at 62, or $600 a month less. Claiming at 62 gives you 60 extra checks of $1,400 before 67, which is $84,000. After 67, the person who waited collects $600 a month more. It takes about 140 months, until about age 78 and 8 months, for the later claimer to catch up, before cost-of-living increases and taxes.

Spouse benefits are cut more steeply. At 62 a spouse gets 32.5% of the worker's full benefit, compared with 50% at full retirement age. If you claim early and keep working, an earnings limit can also hold back part of your checks until full retirement age.

The 30% figure answers how much less you get each month. It does not answer whether claiming early costs you money overall. That depends on how long you live, what else you would draw from while waiting, and how a smaller check affects a surviving spouse.