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FIRE by ageCan I retire at 62?
62 is the earliest age Social Security retirement benefits can start: claiming then pays 70% of the full benefit for anyone born in 1960 or later. A full benefit of $2,000 a month becomes $1,400. Savings and health insurance must cover the rest until Medicare at 65.
What Social Security pays at 62
| Full benefit at 67 | At 62 (70%) | At 67 (100%) | At 70 (124%) |
|---|---|---|---|
| $1,500 a month | $1,050 | $1,500 | $1,860 |
| $2,000 a month | $1,400 | $2,000 | $2,480 |
| $2,500 a month | $1,750 | $2,500 | $3,100 |
| $3,000 a month | $2,100 | $3,000 | $3,720 |
The reduction is permanent. Waiting from 62 to 67 pays more in total from about age 78.7.
Savings needed
For a 33-year retirement, to 95, at Morningstar's 35-year rate of 3.5%, for the part of spending Social Security does not cover:
| Paid by savings a year | Savings needed |
|---|---|
| $20,000 | $571,429 |
| $30,000 | $857,143 |
| $40,000 | $1,142,857 |
| $50,000 | $1,428,571 |
Health insurance at 62
Medicare starts at 65, with a seven-month enrollment window around your 65th birthday. Until then the usual options are COBRA (often up to 18 months, at up to 102% of the plan's cost), a spouse's plan or the Marketplace, where premium tax credits depend on income. Leaving work at 62 means planning for three years of premiums.
These figures are illustrations worked out from stated assumptions, not forecasts. Real returns vary from year to year, and taxes, fees and the order of good and bad years change the outcome. See the disclaimer.
Questions people ask
Can you retire at 62?
Yes. Social Security can start at 62, reduced, and nothing requires you to work. Whether it works financially depends on whether savings plus the reduced benefit cover your spending and health insurance until 65.
What is the penalty if you retire at 62?
There is no penalty for stopping work. Claiming Social Security at 62 permanently reduces the benefit to 70% of the full amount.
What is better, to retire at 62 or 65?
Waiting to 65 gives three more years of saving, a larger benefit (about 86.67% of the full amount at 65) and Medicare from the first day. Retiring at 62 buys three years of time at the cost of a smaller check.
Check your numbers
The Social Security break-even calculator compares claiming ages, and the how long will my money last calculator tests your savings.
Sources
- Social Security Administration, Office of the Chief Actuary, Early or Late Retirement?
- Social Security Administration, Delayed Retirement Credits.
- Social Security Administration, Retirement benefits if you were born in 1960 or later.
- Medicare.gov, When does Medicare coverage start?
- U.S. Department of Labor, Continuation of Health Coverage (COBRA).
- HealthCare.gov, How to qualify for lower costs on Marketplace coverage.
- Amy C. Arnott, "How Much Can You Safely Withdraw If You Retire Early?", Morningstar, September 15, 2026 (data as of September 30, 2025).
Keep reading
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- Net worth by age in 2025: what the Fed's new survey shows
Median and average net worth by age from the Federal Reserve's 2025 survey, and what changed since 2022.
- How much do you need to retire at 40?
The portfolio you need by spending level for a 50-year retirement, what it takes to save it and how to bridge to 59½.
- How much Social Security will I get if I make $X a year?
Monthly benefits at 62, 67 and 70 for salaries from $25,000 to $200,000, with the SSA's own formula.
- How much do I need to retire?
Spending minus other income, divided by a withdrawal rate that fits the length of your retirement, with a table by spending.
Last reviewed by Asier Fernández, editor, on . Educational information only, not financial advice. How we calculate