Specifically, you lose 5/9 of 1% of your PIA per month for up to 36 months when claiming early, then 5/12 of 1% for every month thereafter. That means signing up for Social Security at 62 can reduce your checks by up to 30%.

If you’re turning 62 this year, you become eligible for Social Security retirement benefits. This means after your birthday, you can claim your checks and start collecting reliable income from the government every month.

There's a reason so many people rush to file for Social Security at 62. That's the earliest age you're allowed to sign up for benefits. And it's easy to see why many folks would rather get their money sooner rather than later.

While most retirees understand that claiming at 62 will result in a lower monthly benefit, they might consider it worth the trade-off to start collecting sooner rather than waitin

The first round of February’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will go out to the first group of retirees in 19 days. Here is all you need to know about February’s Social Security payments,

Although millions of Americans do not have to pay taxes on their hard-earned Social Security checks, federal and state tax laws can effectively reduce the payments retirees receive. Nine states still tax Social Security benefits in 2025,

Social Security imposes a steep penalty for claiming benefits before your FRA. If I begin receiving retirement benefits at age 62, I'll make 30% less than I would if I waited until my FRA of 67. And if I hold off until age 70 to claim benefits, the amount increases by 24% more.