Business & Economy
Why Claiming Social Security at 62 Locks In a 30 Percent Benefit Cut for the Rest of Your Life
Business & Economy 
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Summary
Claiming Social Security at 62 locks in a permanent 30% cut, dropping a $2,400 monthly benefit to $1,680 for life. Waiting until 70 raises benefits to $2,976 monthly, a nearly $1,300 lifetime gap that widens further with every annual COLA.
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