You can't claim Social Security retirement benefits before you turn 62, but there's nothing to stop you from planning your claiming strategy in advance. You should actually do so in order to better estimate how large your checks will be and how much of your retirement expenses you'll need to cover on your own.
Your ideal claiming age might not be the same as your friend's or neighbor's, and that's OK. There are a lot of factors to think about when weighing the best decision for you. That said, understanding trends can help clue you in to the potential benefits or drawbacks you might not have been aware of otherwise.
Over the past two decades, there has been an unmistakable move away from Social Security's most popular claiming age -- and there's a pretty good reason why.
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The problem with claiming Social Security early
Social Security's most common claiming age is also its earliest: 62. It's not difficult to work out why. When you apply as soon as possible, you get the largest number of checks over your lifetime, and the additional income may be enough allow you to retire earlier than you otherwise could. But it's not without its drawbacks.
Signing up at 62 carries a penalty. If you hope to avoid this penalty, you must wait until your full retirement age (FRA) to file for benefits. FRA is the age you qualify for your full benefit, or primary insurance amount (PIA), and it is 67 for most workers today, though it was lower in years past.
Those born between 1943 and 1954 had an FRA of 66. It then increased by two months each year from 1955 to 1960 before landing at 67 for those born in 1960 or later. Prior to the FRA increase, seniors who chose to apply for Social Security benefits at 62 faced an already steep reduction of 25% to their PIA for doing so. But now, claiming early can shrink your checks by 30% of your PIA. For many, this will result in a smaller lifetime benefit.
As a result, it's not surprising to see 62 become a significantly less popular claiming age over the last two decades. In 2005, more than 50% of men and 54% of women signed up then. In 2024, those numbers had dropped to about 22% and 23%, respectively.
At the same time, later claiming ages such as FRA and age 70 (when you qualify for your maximum monthly checks) have become increasingly popular as more seniors hope to maximize their lifetime benefit.
When you should consider claiming Social Security at 62
This isn't to say that claiming at 62 is always the wrong choice. There's no such thing as a perfect claiming age that applies to everyone. The right time for you to sign up depends on several factors, including your financial situation and your health.
There are some people who simply cannot afford to delay Social Security beyond 62. Perhaps they were forced into early retirement through a job loss or family caretaking requirements, and they don't have enough personal savings to cover their expenses on their own. In that situation, if you're not able to find another job, claiming Social Security early is a better option than falling into debt.
Those in poor health may actually get a larger lifetime benefit from applying early. In this case, if you try to hold out until your FRA or 70 to apply, you run the risk of severely reducing how much you get from the program due to a shorter life expectancy.
Some people in this situation choose to forgo retirement benefits altogether, though, so their family members can collect larger survivor benefits after they're gone. Survivor benefits are based on how much the deceased worker was receiving or qualified for at the time of their death. This is different from the spousal benefit that your partner can claim while you're still living, which is worth up to half the benefit you qualify for at your FRA.
It's also fine if you just want to claim Social Security early. Maybe you've worked out your retirement budget, and you know the checks you'd qualify for at 62 are enough for you. As long as you're aware of the trade-offs and are willing to accept them, there's nothing wrong with applying as soon as you can.
