When you've spent four decades or more in the workforce, it's understandable to be drawn to the idea of claiming those monthly checks at 62.

Deciding when to claim Social Security benefits is crucial for retirement planning. The age at which you start affects your monthly income significantly. Understanding the differences between claiming at 62 and 70 can help you make an informed decision.

While the two studies above indicate that waiting longer results in a higher lifetime benefit, actual data shows more people in recent years have claimed Social Security at age 62. In 2022, over 27% of new Social Security claims occurred at age 62, more than any other age between 62 and 70.