The Social Security fund is facing an earlier depletion date, now projected for 2034. This shift could lead to significant changes in retirement benefits, urging Americans to reassess their financial strategies.

Claiming Social Security at age 62 reduces your benefit by up to 30%. When you've spent four decades or more in the workforce, it's understandable to be drawn to the idea of claiming Social Security at 62.

If you claim early, in 2025, the Social Security Administration (SSA) temporarily withholds $1 of benefits for every $2 earned that surpasses $23,400. In the year when a worker reaches their FRA, the penalty is lower; the worker would lose $1 in benefits for every $3 earned that surpasses $62,160.