It’s official – retiring at 62 without proper planning can cost you up to $180,000 in Social Security benefits over your lifetime

By Rita Armenteros
May 8, 2025
It's official - retiring at 62 without proper planning can cost you up to $180,000 in Social Security benefits over your lifetime

Making hasty decisions about Social Security in the United States can be very very important for you economic future. Although retiring as soon as possible may seem like the option that everybody really wants, many citizens are at this moment losing thousands of dollars just by not planning ahead and strategizing. If you take action to solve this common issue, applying for Social Security at age 62 means getting a reduced benefit for life, as it is calculated before you get to the full retirement age. According to Lynn, this difference can amount to a cumulative loss of up to $180,000 in total over the following decades.

Content creator Lynn, from Her Second Half, is honest and direct about this: making the wrong decisions about retirement can cost you up to $180,000 over your years as a Social Security beneficiary. Her piece of adivce is especially aimed at those who are taking into consideration applying for benefits at age 62 with no considering the long-term impact that it will have on their life.

Social Security check specialist Lynn insists that it’s not just about choosing a non-determined age, but about knowing the rules of the game. As she explains in one of her most popular videos, the most importat aspect to not losing money is understanding how the system works and what we can do to get the highest possible monthly check.

The main reason of retiring at 62

Lynn proposes an issue that many people don’t want to hear about: don’t retire at 62, even if you’re eligible to do so. By the time it may seem like a optimal decision after a long working life, this choice often significantly reduces the amount of your monthly check in a short period of time.

Applying for Social Security at age 62 means getting a reduced benefit for life, as it is calculated before you reach full retirement age. According to Lynn, this difference can amount to a cumulative loss of up to $180,000 in total over the next decades. That doesn’t mean that retiring at 62 is always a bad idea. There are cases where it may be necessary or even recommended. The main thing is for each person to assess their financial and employment situation and clearly comprehend how that decision will affect their long-term income.

As Lynn highlits, the difference amongs making an informed decision and acting on impulse can translate into much lower checks for 20 or 30 years. That’s why getting how the system works and planning ahead is critical for every American.

Get to know how can you maximize your Social Security payment

For those who really want to get the largest possible Social Security check, there are three main pointa that have proven effective. These are simple strategies, but they require consistency and good planning, take a look at them:

  • Delay retirement: every single year you delay applying for Social Security after full retirement age (between 66 and 67), the monthly amount increases by approximately 8%. By the time you reach age 70, that increase can make a real difference.
  • Work for at least 35 years: Benefit calculations are based on your 35 highest-earning years. If you have years without work or with low wages, these decreases your average and, therefore, the final amount of your check.
  • Earn more during your working life: Increasing your income over the years not only migliorates your quality of life at this time, but also directly impacts your Social Security benefit by raising your average earnings.

Lynn also explains in her video that financial education about Social Security should be part of any retirement planning. Getting to know the basics, simulating different scenarios, and consulting with experts can help you avoid costly mistakes.

At the end, everyone has a different story and different circumstances. But one thing is certain: knowledge and planning ahead are the best tools for ensuring you don’t lose any of the money you’ve worked hard to earn.