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Home/Briefs/retirement planning

BriefApril 17, 2026 · 03:29 PM

Claiming Social Security at 62 risks a compounded 53% benefit reduction by 2032

Monthly Social Security checks for those who claim at 62 could be reduced by as much as 53% by 2032. This happens when a 30% reduction for early filing—applicable to those with a full retirement age of 67—is compounded by a projected 23% broad benefit cut. The Congressional Budget Office projects the Old-Age and Survivors Insurance Trust Fund will run out of money in 2032, which may lead to those broad cuts. Dave Ramsey recommends claiming benefits at 62 to maximize lifetime income and allow for investment of the funds. Filing early permanently reduces the monthly benefit for life.

Felix Langley

Retirement PlanningSocial SecurityFederal Budget

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