62 is the earliest age you can claim Social Security, which makes it one of the most popular ages to retire. But claiming at 62 means a smaller check for life. Use the calculator to see if you can retire at 62 and how much your savings need to cover.
Claim at 62, or wait?
Retiring at 62 and claiming Social Security at 62 are two separate decisions. (For the full comparison, see Social Security at 62 vs. 67.)
- Claim at 62: your savings need to provide less each year, so you can retire with a smaller nest egg. But your benefit is up to 30% smaller for the rest of your life.
- Retire at 62, claim later: you need more savings to cover the gap years, but you lock in a bigger check. That can matter a lot if you live into your 90s.
To compare, set Age you start Social Security under Advanced options, and adjust the monthly benefit to match. Your my Social Security account shows your estimate at each age.
Frequently asked questions
How much less Social Security will I get at 62?
If your full retirement age is 67 (anyone born in 1960 or later), claiming at 62 reduces your monthly benefit by 30%, permanently. For example, a $2,000 benefit at 67 becomes about $1,400 at 62. Enter your reduced amount and set the start age to 62 under Advanced options to model claiming early.
Should I retire at 62 but wait to claim Social Security?
That's a common strategy. Your savings cover the gap, and your benefit grows the longer you wait, up to age 70. The calculator adds the cost of that gap to your target, so you can compare both options by changing the start age.
How much do I need to retire at 62?
Roughly 25 times the income your savings must provide each year (using the 4% rule), plus the Social Security you won't collect yet if you delay claiming. Enter your own numbers above for a personal estimate.
Can I get Medicare at 62?
No. Medicare generally starts at 65, so plan for about 3 years of private health coverage, such as COBRA, a spouse's plan, or an ACA marketplace plan.