Quick ReadClaiming Social Security at 62 instead of 67 permanently cuts monthly benefits by 30%, shrinking a $2,400 payment to just $1,680 for life. Picture a 61-year-old whose water heater fails on a Tuesday morning. The water heater has no opinion about his claiming age. Yet a one-time repair can push someone toward a Social Security decision that follows him for life. A broken water heater, however, is not a retirement-income strategy.