As of 2015, those who retire at age 62 can expect to receive between 70 and 75 percent of their total retirement benefits, depending on what year they were born. The difference is due to the fact that full retirement age becomes progressively older for those born in later years.
In addition to retired workers themselves receiving reduced benefits if they retire at age 62, spouses of workers can also expect to receive a cut in benefits. Spouses receive between 30 and 35 percent less in benefits when their partners retire early. The annual cost of living adjustments that affect total yearly benefits may also be lower for workers who retire at 62.