Will Retiring Before 62 Reduce My Social Security Retirement Benefit? I plan to claim my Social Security retirement benefit at 62. Thanks, HelenHi Helen, Retiring early will probably have an adverse effect on your Social Security retirement benefit rate, and starting to draw your benefits at age 62 definitely will. Your Social Security retirement benefit rate will be based on an average of your highest 35 years of wage-indexed earnings. A person's PIA is equal to their Social Security retirement benefit rate if they start drawing at full retirement age (FRA).

Source: Forbes August 09, 2020 17:48 UTC