The allure of an early Social Security check is hard to pass up. Here is what it actually costs you.

Zachary Mineur, CFA, CFP® in GOBankingRates | April 2026

Filing for Social Security at 62 feels like a win. But for most people, it quietly costs hundreds of dollars a month for the rest of their life.

Zachary Mineur was quoted in GOBankingRates walking through the real math behind early filing — and why he advises most clients to wait.

“The allure of that monthly check coming is hard to pass up at age 62. But for most people I advise waiting until at least age 67 and in many cases until age 70.”

Filing at 62 — five years before the current full retirement age of 67 — permanently reduces your benefit by 30%. In dollar terms, a $2,500 monthly benefit at full retirement age drops to $1,750 at 62, a loss of $750 a month for life. Beyond 67, benefits increase 8% annually until the maximum at age 70. For most people the break-even age is around 80.

Learn more about Zachary Mineur, CFA, CFP®, Chief Investment Officer of Independence Square Advisors, and subscribe to his quarterly market newsletter on LinkedIn.