Claiming Social Security at 62 can reduce benefits by 30%, while the Trustees project a possible 22% across-the-board cut if the Old-Age and Survivors Insurance Trust Fund runs out in Q4 2032. Waiting until full retirement age avoids the early-claim reduction.
For people born in 1960 or later, full retirement age is 67, and benefit amounts are based on individual wage histories. The article says Congress may act to prevent broad cuts; no such action is reported as having been taken.
For people who need income sooner, the article lists part-time work, withdrawals from savings or using home equity for a limited period if affordable as alternatives to claiming early.
