Just how much will my payouts be if I gather at 62?

It depends upon whenever you had been born. For instance, in the event you had been born in between 1943 and 1954, your payouts will probably be decreased 25% in the event you begin getting advantages at age 62. That reduction is permanent – that's, the 25% reduction applies not just towards the cash you gather in between age 62 and 67, but all of the cash you will gather for the rest of one's life.

To determine the reductions according to your age, take a look at the on-line table published by the Social Safety Administration.