Social Security Early Claim Drawbacks: What Happens If You Retire Early?

If you claim Social Security before your full retirement age, your monthly checks can be reduced by 30 percent. The Social Security Administration says the reduction is 5/9 of one percent for each month before normal retirement age, up to 36 months. If you filed within the past 12 months, you can request to cancel your application using Form SSA-521 and repay every dollar if benefits already started. At full retirement age, you can suspend benefits and work until age 70, and Social Security uses 35 of your highest-earning years to calculate your benefit.