Social Security’s earliest claiming age, 62, is one of its most popular choices. It’s easy to see why. Claiming benefits early means you’ll receive more checks over time.
However, starting early also reduces your monthly payment by as much as 30%. This trade-off is important to consider when deciding when to start your benefits.
Let’s look at how much the average 62-year-old gets in Social Security compared to those who claim later.
How Much Does the Average 62-Year-Old Receive?
The overall average Social Security benefit in 2023 was $1,905.31 per month. With the 2024 cost-of-living adjustment (COLA) of 3.2%, this amount increased to $1,966.28. Benefits will rise by another 2.5% in 2025, bringing the average to about $2,015.44 per month.
For those who claim benefits at 62, the monthly amount is significantly lower. The average benefit in 2023 was just $1,298.26. With the 2024 COLA, this increased to $1,339.80, and the 2025 COLA will raise it further to $1,373.30.
How Age Affects Social Security Benefits?
Social Security benefits grow with your claiming age. Those aged 70 to 74 currently receive the highest average benefit, which was $2,021.81 per month in 2023.
Adjusted for the 2024 and 2025 COLAs, this amount will increase to $2,086.51 and $2,138.67, respectively.
The following table shows how benefits increase based on the age you start claiming:
| Age Range | Increase Rate | Example FRA (66) | Example FRA (67) |
|---|---|---|---|
| 62 to FRA (First phase) | 5/12 of 1% per month (5% per year) | 62 to 63 | 62 to 64 |
| FRA to FRA (Second phase) | 5/9 of 1% per month (6.67% per year) | 63 to 66 | 64 to 67 |
| FRA to 70 | 2/3 of 1% per month (8% per year) | 66 to 70 | 67 to 70 |
Delaying benefits until age 70 will give you the largest monthly check, but there’s a trade-off. You’ll receive fewer checks overall compared to starting earlier.
Should You Claim Social Security at 62?
The decision to claim Social Security benefits at 62 depends on several factors. Here are the key points to consider:
1. Your Health
If you don’t expect to live long, claiming at 62 could be a smart move. You’ll have more time to receive benefits, even if the monthly amount is smaller. However, keep in mind that claiming early permanently reduces survivors’ benefits for your spouse or dependents.
2. Financial Needs
If you need money to cover expenses and don’t have other income sources, claiming early might be your best option. On the other hand, if delaying benefits can help you avoid debt, it’s worth considering waiting.
3. Married Couples
For married couples with a big income difference, the lower-earning spouse might claim Social Security at 62. This can provide immediate income while allowing the higher-earning spouse to delay and qualify for a larger benefit. Later, the lower-earning spouse can switch to a spousal benefit if it’s higher than their own.
Planning for Your Retirement
Knowing when you’ll claim Social Security benefits helps you plan for retirement. If you claim early, you may need to save more on your own to cover your expenses. If you wait, your savings might not need to stretch as far.
It’s also important to remember that your decision isn’t set in stone. Review your plans regularly and adjust them as your situation changes. By staying flexible, you can work toward the retirement lifestyle you want.
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