At age 62, the earliest age to claim, benefits are reduced by about 30% compared to full retirement age.
The average monthly benefit for those claiming at 62 is around $1,500.
Full retirement age for most people is 67, meaning you can claim the full benefit without any reductions.
By waiting until age 67, the average monthly benefit increases to about $2,200.
Claiming at 62 rather than 67 means accepting a permanent reduction in monthly payments.
Waiting until 67 could lead to more stable financial support throughout retirement.
If you claim early at 62 but continue working, your benefits may be temporarily reduced due to the earnings test.