Turning 62 makes you eligible for early Social Security retirement benefits, but it is not mandatory to claim them. Claiming at 62 permanently reduces your monthly payment by up to 30% compared to waiting until full retirement age (67 for those born in 1960 or later). Review your {{Bankrate}} income, {{Simon Quick Advisors}} long-term care plans, and {{SSA.gov}} retirement benefits.
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You have the option to begin your Social Security benefits "early" starting at 62 but you do not have to notify Social Security unless you are ready to begin your benefits. When you are ready, you can apply online, by phone, or in person at a local Social Security office.
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Early retirement
You can receive Social Security retirement benefits as early as age 62. However, we'll reduce your benefits if you start receiving them before your full retirement age. For example, if you turn age 62 in 2026, your benefit would be about 30% lower than it would be at your full retirement age of 67.
You can apply for Social Security up to four months before you want your retirement benefits to start, with the earliest age being 62, meaning you can apply as soon as you're 61 and nine months old, though payments usually begin the month after you turn 62, so applying in March for a June birthday allows payments to start in July. The actual process involves choosing your start month on the Social Security website, and benefits are reduced for starting before your full retirement age.
Key takeaways. If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit.
At age 60, you can get various free or discounted services like free eye exams, discounted transit/movies/restaurants, free tax prep (AARP), and potentially free healthcare/food assistance (based on income/location), plus enjoy perks like discounted National Park passes and free college tuition at some public universities for residents. Benefits vary by location and income, so check local programs like SNAP or Area Agencies on Aging.
The Social Security first year of retirement rule lets people exclude from Social Security's annual earned income limit any pre-retirement wages they earn in the calendar year they start receiving Social Security retirement checks. This helps new retirees avoid the penalty for exceeding the annual earned income limit.
If you are a non-management titled employee you can give the standard resignation 4-weeks-notice. That should be acceptable. If you are higher up the company chain, then you should consider how long it will take to find a suitable replacement for you. This could be 3-6 months of notice.
Yes. You can start over in life when you're 60. A lot of people are doing just that. It's a megatrend.
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However, those looking to retire five years early at age 62 should aim to have 14x their salary saved by that time, according to Fidelity. For example, a person who earns $115,000 per year should have $1.61 million saved by age 62 if they were to follow the Fidelity guidance.
Even if you move overseas, your superannuation will typically stay in Australia. If you move to New Zealand, you may be able to transfer your super to a KiwiSaver account. Temporary residents returning home after visiting Australia can apply for a Departing Australia Superannuation Payment.
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The primary disadvantage of applying for Social Security at age 62 is a permanently reduced monthly benefit, potentially up to 30% less than what you'd get at your full retirement age (FRA) (around 67 for most), meaning a smaller income stream for the rest of your life and potentially lower survivor benefits for your spouse. You'll also face earnings limits, where working can further reduce your payments until you reach FRA, and you'll have less time to let benefits grow, missing out on delayed retirement credits.
At 62, you can earn up to the annual limit and still get full Social Security, but if you earn over that (around $24,480 in 2026), benefits get reduced by $1 for every $2 over the limit until you reach your Full Retirement Age (FRA), at which point there's no limit on earnings; the Social Security Administration (SSA) then recalculates benefits to credit you back withheld amounts.