There are many workers in the United States who can choose to retire before they hit the full Social Security retirement age. However, you should think about what this choice will mean because retiring early can change the amount of your monthly payments.
You can start getting Social Security benefits as early as age 62, but if you do so before 66 or 67, the amount you get will be much less.
It is important to understand how early retirement works and how it affects the total amount you will get for life. That is why we need to talk about the most important parts of this process and how to figure out how much money you could get if you quit early.
How does Social Security early retirement work?
People who work for Social Security can quit early at age 62, but you should know that your monthly payments will go down permanently if you do this.
This cut is a percentage based on how many years you have left until you hit full retirement age, which is between 66 and 67 years old depending on your birth year.
You may pay up to 30% less each month if you leave at age 62 instead of waiting until you reach full retirement age.
Here’s how to ask Social Security to let you leave early:
- Retirement at age 62: 25-30% less than full retirement.
- Retirement at age 63: 20-25% less.
- Retirement at age 64: 12-20% less.
- Retirement at age 65: 6-12% less.
It is important to talk to the Social Security Administration (SSA) or use their online benefit tool to find out how this cut will affect you.
Keep in mind that these numbers are just suggestions; we will not know how much our final check will be until we start getting it.

Also, waiting until age 70 can earn you a check of $4,873 this year or $5,180 in 2025 after the COLA is added. These facts show that it is better to wait a little longer before retirement.
Long-Term Consequences of Social Security Early Retirement
Although you may be able to access benefits sooner, early retirement has a long-term financial impact.
As the monthly amount you will get is reduced, the total amount you will be able to receive over your lifetime is also reduced, especially if you live many years after you retire. It is crucial that you do a financial analysis of your situation before making this decision.
Moreover, we have to keep this in mind:
People who are getting early payments from Social Security may see their benefits go down if they keep working. This is especially true if they have not hit full retirement age yet.
For some people, retiring early may mean giving up the chance to get extra health benefits that would normally be offered through Medicare.
As much help as we can get is great, but we should remember that asking for Social Security early has effects other than money. That is why we need to think about everything before we can enjoy our retirement.
Also see:-It’s the calendar’s fault: We won’t have SSI in December, but it’ll come double in November
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