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Early Retirement and Reduced Benefits

What is the connection between early retirement and reduced benefits?

Retirees are eligible for Social Security benefits at 62. If one chooses to retire at 62, he or she will receive less money than choosing to retire at 70.

Delaying Social Security benefits until 70 maximizes the amount of money you can receive from the government. Retirees may need Social Security income earlier than 70, so delaying benefits varies between each retiree’s financial situation. Social Security benefits are a very reliable income source for retirees and are more secure than what an investment portfolio can return.