Social Security Recipients Will Lose This Much by Claiming at 62 Instead of 70 in 2026
Written by
Kerra Bolton
Edited by
Amen Oyiboke
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Americans approaching retirement face a simple but high-stakes choice: when to claim Social Security.
For most people, claiming benefits at 62 instead of waiting until 70 means receiving about 40% less per month for life. The exact amount varies by earnings history, but the difference can easily reach hundreds of dollars a month over retirement.
Here’s what that age gap looks like in practical terms for people deciding to take Social Security in 2026.
How Claiming Age Affects Social Security Benefits
The age at which a person claims Social Security has a lasting effect on their monthly benefit.
For people claiming in 2026, full retirement age is 66 or 67, depending on your birth year. Claiming benefits as early as 62 permanently reduces monthly payments by up to about 30%, according to the Social Security Administration.
Waiting longer increases benefits. For each year benefits are delayed past full retirement age, the monthly payments increase by approximately 8% up to age 70. Once benefits begin, the payment amount remains locked in for life, except for annual cost-of-living adjustments.
What Claiming at 62 Versus 70 Looks Like in Real Dollars
The difference between claiming at 62 and waiting until 70 can be substantial. For example, someone eligible for a $2,000 monthly benefit at full retirement age in 2026 could receive roughly $1,400 a month by claiming at 62.
Waiting until 70 could raise that payment to about $2,480 a month. That is a difference of more than $1,000 every month. Over the course of retirement, that gap can add up quickly, especially for people who live well into their 80s or beyond.
Cost-of-living adjustments apply regardless of when benefits begin and do not eliminate the gap created by claiming earlier or later.
Why Waiting To Claim Increases Monthly Payments
Social Security is designed to adjust benefits based on how long a person is expected to receive them.
When someone delays claiming benefits past full retirement age, the system rewards that wait with higher monthly payments. The Social Security Administration applies delayed retirement credits of about 8% per year for each year benefits are postponed, up to age 70. The tradeoff is time.
Claiming earlier provides income sooner but at a lower monthly amount, while waiting means fewer checks overall but larger ones once payments begin.
When Claiming Social Security at 62 May Still Make Sense
According to AARP, claiming Social Security at 62 can make sense for some retirees, even though monthly payments are lower.
Health concerns, life expectancy, and immediate income needs are common factors. People who stop working earlier than planned, take on caregiving responsibilities, or need a steady income sooner may value access over higher long-term benefits. Others with savings or pension income may choose early benefits to create flexibility in retirement.
The best claiming age varies based on individual health, finances, and lifestyle goals.
Bottom Line
For people claiming Social Security in 2026, the decision to claim at 62 instead of waiting until 70 comes with a clear tradeoff. Claiming early can reduce monthly benefits by about 40% or life, while waiting increases payments through delayed retirement credits.
The right choice depends on personal health, finances, and income needs, but understanding the size of the difference can help retirees make a more confident decision.
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