Social Security Claim at 62 Results in 30% Benefit Cut

AI Summary

Claiming Social Security at age 62 results in a 30% reduction in monthly benefits, dropping from $2,400 to $1,680. Delaying benefits until age 70 can increase this amount to approximately $2,976, impacting the lifetime income of recipients significantly. The gap between claiming early versus delayed benefits widens due to annual cost-of-living adjustments (COLAs), compounding the difference over time. Recent data shows the CPI at 332.4 in April 2026, reflecting a 0.6% increase from the previous month, which further emphasizes the impact of claiming strategies on retirement planning.