Average Social Security Benefit at Age 62
For retired workers who begin collecting benefits at age 62, the estimated average monthly payment in 2025 is $1,362. This amount reflects a substantial and permanent reduction compared to the benefit they would have received by waiting until their full retirement age (FRA). For those born in 1960 or later, the FRA is 67, and claiming at age 62 results in a 30% benefit reduction. It is important to note that average benefits can fluctuate slightly based on the month and cost-of-living adjustments (COLAs). For instance, one source indicated an average of approximately $1,377 monthly for a 62-year-old in July 2025, while another cited $1,362 monthly in June 2025.
The decision to claim Social Security at 62 is a trade-off. While it provides access to income five years earlier than the FRA for most people, it locks in a lower monthly amount for the rest of your life. This choice is often influenced by factors such as health, employment status, personal savings, and immediate cash needs. A smaller Social Security check means that early retirees must rely more heavily on other retirement savings to cover their living expenses.
The Impact of Reduced Benefits Over a Lifetime
The reduction for claiming early is a significant consideration. The Social Security Administration (SSA) applies a formula that reduces your benefit for each month you claim before your FRA. For those with an FRA of 67, this translates to a 30% reduction if benefits begin at 62. For every year you delay beyond age 62 up to your FRA, the monthly payment increases.
- Claiming at age 62: A 30% permanent reduction for those with an FRA of 67.
- Claiming at age 63: A 25% reduction for those with an FRA of 67.
- Claiming at age 64: A 20% reduction for those with an FRA of 67.
- Claiming at full retirement age (67): 100% of your Primary Insurance Amount (PIA).
This permanent reduction also affects future COLAs, as the inflation-adjusted increases will be applied to a smaller base amount. Therefore, while your benefit will still grow with inflation, the dollar amount will remain proportionally lower than if you had waited to claim.
Factors That Influence Your Social Security Benefit
Your benefit amount is not solely determined by your claiming age. The SSA uses a complex formula to calculate your Primary Insurance Amount (PIA), which is the benefit you receive at your FRA. Key factors that influence this calculation include:
- Earnings history: The SSA calculates your PIA using your highest 35 years of earnings, adjusted for inflation. If you work for fewer than 35 years, 'zeroes' are added to the calculation, which lowers your average indexed monthly earnings and, consequently, your benefit amount.
- Claiming age: As discussed, the age at which you begin collecting benefits is one of the most critical factors. Claiming at 62 results in a permanent reduction, while waiting until age 70 results in Delayed Retirement Credits, which increase your monthly payment.
- Continuing to work: If you claim benefits early and continue to work, your benefits may be temporarily reduced if your earnings exceed the annual limit. For 2025, this limit is $23,400 for those under full retirement age. However, once you reach your FRA, there is no earnings limit, and the SSA will recalculate your benefit to account for any withheld amounts, potentially increasing your payments.
- Cost-of-living adjustments (COLAs): These annual adjustments help Social Security benefits keep pace with inflation. The 2.5% COLA for 2025, for example, directly affects the monthly payments retirees receive.
Comparison of Average Monthly Social Security Benefits by Claiming Age
The following table illustrates the significant difference in average monthly benefits based on claiming age, using data from July 2025.
| Retired Worker Age | Average Monthly Benefit (Approx.) |
|---|---|
| 62 | $1,377 |
| 67 (FRA for those born in 1960 or later) | $1,963 |
| 70 | $2,188 |
Note: These figures are national averages and are subject to change. Individual benefits vary significantly based on earning history and other factors.
Conclusion
The average Social Security benefit for someone claiming at age 62 is approximately $1,362 per month in 2025, a significantly lower amount than what one would receive by waiting. The decision to claim early carries a permanent reduction that can impact your retirement finances for the rest of your life. While a smaller monthly check may be necessary for some due to immediate financial needs, others may benefit from delaying their claim to secure a higher monthly income. Understanding all the factors—including your earnings history, health, and other sources of income—is essential for making an informed retirement decision. It is always recommended to check your Social Security statement online to see a personalized estimate of your future benefits.
Frequently Asked Questions
What is the average Social Security benefit at age 62 in 2025?
As of 2025, the estimated average monthly Social Security benefit for retired workers claiming at age 62 is approximately $1,362. This is a national average, and individual amounts vary.
Why are Social Security benefits lower for those who claim at age 62?
Claiming benefits at age 62, the earliest eligibility age, results in a permanent reduction in your monthly payments because you are receiving benefits over a longer period. For those with a full retirement age (FRA) of 67, claiming at 62 leads to a 30% reduction.
How is the benefit amount calculated by the Social Security Administration (SSA)?
Your benefit is calculated based on your average indexed monthly earnings (AIME) over your 35 highest-earning years. The age at which you start collecting benefits and any cost-of-living adjustments (COLAs) are then factored in to determine your final monthly payment.
Can I still work while collecting Social Security at age 62?
Yes, but your benefits may be temporarily reduced if your earnings exceed a certain limit. In 2025, the annual earnings limit is $23,400 for those under full retirement age. For every $2 you earn over this limit, $1 is withheld from your benefits. This does not apply once you reach your full retirement age.
Does claiming Social Security at 62 affect spousal benefits?
Yes. If you claim a spousal benefit at age 62, it will also be permanently reduced. The percentage of reduction differs from that of your own retirement benefit.
What is the maximum benefit you can get if you claim at age 62?
The maximum possible monthly benefit for someone claiming at age 62 in 2025 is $2,831, but this requires a history of maximum taxable earnings for 35 years. The average benefit for most people will be much lower.
Is it ever a good idea to claim Social Security at age 62?
For some, claiming at 62 might be the right choice, especially if facing health issues, unemployment, or needing immediate financial assistance. However, it comes with a permanently lower monthly payment, so it is important to weigh the trade-offs carefully.
What is the full retirement age for someone born in 1960 or later?
For anyone born in 1960 or later, their full retirement age (FRA) is 67. You receive 100% of your calculated benefit by waiting until this age.
