Many American workers look forward to the day they can finally claim Social Security benefits. You’re allowed to start as early as age 62 or wait until as late as age 70. But the age you choose makes a big difference in how much you’ll receive every month.
If you start at 62, your monthly benefits are permanently reduced, while waiting until 70 could give you a much larger paycheck. Let’s break down what the average benefits look like at 62 and why timing matters.
Why benefits are reduced at 62
If you claim Social Security at age 62, your payments will be cut by up to 30% compared with waiting until your full retirement age (FRA). This reduction stays for life.
On the other hand, if you delay until age 70, your monthly benefit could be about 24% higher than your FRA amount. These “delayed retirement credits” reward those who can afford to wait.
The average Social Security benefit at age 62
According to the 2025 Social Security Statistical Supplement:
About 594,000 retired workers currently collect benefits at age 62.
The average benefit for 62-year-olds is $1,341.61 per month—around $16,100 per year.
Compare that to the overall average retired worker, who gets about $1,975 per month, or nearly $23,700 per year. That’s a difference of $7,600 annually—a big gap to consider before filing early.
When it makes sense to claim at 62
Even though claiming early reduces benefits, sometimes it may still be the right choice. Common reasons include:
Health issues that shorten life expectancy.
Job loss or layoffs close to retirement age, with limited chances of finding new work.
Need for immediate income to cover bills and daily expenses.
In such cases, starting benefits at 62 may provide stability, even if it means lower lifetime payments.
When waiting could be better
If you’re healthy, still working, or have other income sources, delaying Social Security could pay off. By waiting until 70, your monthly check grows significantly, which can be especially valuable if you live into your 80s or 90s.
Age 62 remains one of the most popular times to claim Social Security, but it comes at a cost: a permanent reduction of up to 30%.
The average 62-year-old today collects about $1,341 per month, compared with nearly $2,000 for the average retiree overall. For those who can afford to wait, delaying until 70 means larger checks and greater financial security later in life.
