Social Security remains a crucial source of income for millions of Americans during retirement. In 2025, the program is projected to distribute around $1.6 trillion in benefits to approximately 72 million beneficiaries, with nearly 56 million of those being retired workers. While the amount each retiree receives varies, understanding the average benefit at age 62 can help you plan better for your retirement income strategy.
Average Social Security Benefit at Age 62
The earliest age you can start claiming Social Security benefits is 62. However, claiming this early comes with a cost. Your monthly benefit is reduced by about 30% compared to what you would receive at your full retirement age (FRA), which is 67 for people born in 1960 or later. As of the end of 2024, the average retired worker claiming at 62 received about $1,342 per month, which amounts to roughly $16,104 annually.
Why Claiming Early Reduces Your Benefit
The Social Security system is designed to provide you with roughly the same lifetime benefit whether you claim early or wait, assuming average life expectancy. Claiming at 62 means receiving a smaller check for a longer period, while delaying your claim increases your monthly payment. Each year you wait past your FRA, up until age 70, your benefit grows, providing a larger monthly income for the rest of your life.
When Claiming Early Makes Sense
For some retirees, claiming benefits at 62 can be a practical choice. Those who need immediate income due to health issues, job loss, or other financial pressures may find the smaller monthly amount still provides vital support. Others might prefer to access their money earlier to enjoy retirement experiences while they’re younger and more active. The key is to consider your unique financial situation and long-term needs.
The Trade-Off of Early Benefits
It’s important to remember that the decision to claim at 62 is permanent. Your reduced benefit will remain the same, aside from annual cost-of-living adjustments, for the rest of your life. This makes it crucial to weigh the pros and cons carefully. For some, waiting until their FRA or beyond can lead to a much more comfortable financial position later in retirement.
Planning Ahead for Retirement
Social Security was never intended to cover all of a retiree’s expenses, so it’s important to integrate these benefits into a broader retirement strategy. Combining Social Security with personal savings, investments, or a pension can help create a more stable and reliable income stream throughout your retirement years.
Maximizing Your Social Security Benefits
Many retirees overlook strategies that could significantly boost their benefits. Delaying your claim, coordinating spousal benefits, and understanding how your earnings history affects your check are all ways to increase your monthly income. Taking the time to explore these options before making a decision can make a noticeable difference in your financial security during retirement.
The Bottom Line
At age 62, the average Social Security check is helpful but may be smaller than many retirees expect. Deciding when to claim is one of the most important financial choices you’ll make for your retirement. By understanding the trade-offs and planning ahead, you can create a strategy that helps you make the most of your benefits and supports the retirement lifestyle you envision.