Social Security plays a vital role in the financial stability of millions of Americans. In fact, it helps keep approximately 16 million seniors over 65 out of poverty.
As retirement approaches, it becomes critical to understand exactly how much you can expect to receive—especially if you’re considering filing for benefits at age 62, the earliest possible age.
While claiming early gives you quicker access to benefits, it also means accepting a reduced monthly payment.
But how much do most retirees actually receive at 62? Let’s explore the real numbers, what influences them, and how you can determine whether you’re on track.
What Is the Average Social Security Benefit at Age 62?
The latest data from December 2024 shows that the average monthly Social Security benefit for 62-year-old retirees is approximately $1,342.
This figure is significantly lower than the average benefit at Full Retirement Age (FRA) and even more so compared to the maximum benefit at age 70.
Average Monthly Benefit by Age
| Claiming Age | Average Monthly Benefit |
|---|---|
| Age 62 | $1,342 |
| Age 67 (FRA) | $1,930 |
| Age 70 | $2,148 |
If you claim at age 62, your monthly benefit is reduced by up to 30% compared to your full benefit. This reduction is permanent, meaning you will continue receiving the reduced amount for the rest of your life.
Why Do People Claim at 62?
Despite the reduction, many Americans choose to claim Social Security at 62 for several reasons:
- Early retirement goals
- Health issues that make working longer difficult
- Lack of job opportunities or workplace stress
- Desire for additional income during early retirement years
- Concern about not living long enough to make delayed benefits worthwhile
While it might not be ideal for everyone, claiming at 62 can make early retirement more accessible—especially for those without significant savings or a pension.
How Filing Age Affects Your Benefit
Social Security calculates your benefit based on:
- Your 35 highest-earning years
- Your full retirement age
- The age at which you begin collecting
If you were born in 1960 or later, your full retirement age is 67. Filing before this age leads to a benefit reduction:
- At 62, your monthly benefit is reduced by 30%
- At 63, the reduction is 25%
- At 64, the reduction is 20%
- At 65, it’s about 13.3%
- At 66, it’s 6.7%
If you delay past 67, your benefits increase by 8% for each year you wait, up to age 70.
Is Claiming at 62 Right for You?
Choosing when to claim depends on your personal situation. Some key factors to consider include:
- Health and life expectancy
- Other retirement income sources (401(k), pension, savings)
- Whether you plan to continue working
- Your monthly budget needs
- Your spouse’s Social Security strategy (if married)
Claiming early might result in smaller monthly checks, but it can lead to more total income over time, especially if you don’t live long enough to benefit from delaying.
How to Maximize Your Social Security Benefit
If you’re aiming to retire at 62 but want to boost your benefit, consider the following:
- Work at least 35 years to avoid zeros in your earnings record
- Increase your income in your final working years
- Avoid claiming if you’re earning above the Social Security earnings limit ($22,320 in 2025), or benefits could be temporarily withheld
- Coordinate with a spouse’s claiming strategy
- Ensure you’re not missing out on spousal or survivor benefits
The average Social Security benefit at age 62—currently around $1,342 per month—may not sound like much, but for millions of Americans, it provides a critical income stream during retirement.
While it comes with a permanent reduction in benefits, early claiming remains a popular choice for those who prioritize immediate access to funds, flexibility, or who face health and employment challenges.
Whether you’re planning to retire early or hold out for a larger monthly check, understanding your Social Security options helps you make smarter, informed financial decisions for your future. So, ask yourself—are you on track?
FAQs
Can I still work if I claim Social Security at 62?
Yes, but if you earn over the annual earnings limit ($22,320 in 2025), your benefits may be temporarily reduced. Once you reach full retirement age, there’s no limit on what you can earn.
Is the average benefit of $1,342 enough to live on?
For many, it’s not sufficient as a sole income source. Most retirees supplement their benefit with pensions, savings, or part-time work.
Will Social Security benefits increase over time?
Yes, your benefits are adjusted annually for inflation via Cost-of-Living Adjustments (COLA). The increase in 2025 is expected to be modest, following a 3.2% boost in 2024.