Is it possible to retire at age 62?

Individuals can retire at age 62 and start collecting Social Security benefits, but the monthly payouts may be reduced by up to 30 percent, depending on year of birth, according to the Social Security Administration. Such early retirement also significantly reduces surviving spouse benefits.

To receive full Social Security retirement benefits, an individual born between 1943 and 1954 must wait until he is 66 years of age to retire, reports the Social Security Administration. The full retirement age rises at two-month increments per year from 1955 to 1959, topping off at 67 years for those born in 1960 or later.