Your full retirement age is 66 if you were born between 1943 and 1954, according to the Social Security Administration (SSA).
A hypothetical $1000 monthly retirement payment would be cut by 25% if you filed a claim at age 62, leaving you with only $750.
A spouse benefit of $500 per month would be cut to $350.
The percentage of retirement benefits reduced increases with the distance between age 62 and FRA.
Retirement benefits are cut by 30% and spousal benefits are reduced by 35% for people born in 1960 or later.
As a result, a monthly retirement benefit of $1000 would become $700.
The monthly benefit amount for retired workers claiming benefits at age 62 and earning the average pay was $1,480 per month for the worker alone, according to the SSA's 2021 Annual Statistical Supplement.
At age 62, the benefit amount for employees with claiming spouses was $2,170.