3 Reasons Not to Claim Social Security at 65

Key Points There's nothing special about claiming Social Security at age 65. You will face an early claiming penalty and could lose money to the earnings test, too. Claiming at 65 could also reduce your lifetime Social Security benefit. The $23,760 Social Security bonus most retirees completely overlook › Claiming Social Security at 65 can seem like a good idea, especially if you don't want to face the steep 30% early withdrawal penalty for applying at 62. But it's important to understand how your claiming at 65 will affect your benefit before you decide if it's right for you. Here are three things you should know before applying for Social Security at age 65. If any of them concern you, you might want to choose a different sign-up age.