According to the Social Security Administration (SSA), the Social Security program is expected to pay out nearly $1.6 trillion in benefits to about 72 million people in 2025. The majority of these recipients are retired workers, with almost 56 million retirees collecting benefits by the end of July 2025.
Since Social Security is such an important income source for retirees, it’s useful to know what the average benefit looks like at different ages — especially at the earliest possible claiming age.
Average Social Security Benefit at Age 62
The earliest you can start collecting Social Security is age 62. However, this comes with a big trade-off. Claiming early reduces your monthly benefit by up to 30% compared to what you’d receive at your Full Retirement Age (FRA).
For people born in 1960 or later, the FRA is 67.
If you delay claiming beyond FRA, your benefit grows each month until age 70, when it maxes out.
By the end of 2024, the average retired worker’s benefit at age 62 was about $1,342 per month, which equals $16,104 annually.
Should You Claim at 62?
Claiming Social Security at 62 isn’t always the best choice, but for some people, it can make sense. Here’s why:
Why you might claim early:
You need financial support right away
You want to enjoy your benefits earlier while you’re healthier
You don’t expect to live long enough to benefit from delaying
Why you might delay benefits:
Larger monthly checks for life
Better financial security in your 70s, 80s, and beyond
Protection against outliving your savings
The key point: The age you choose to claim is permanent — once you decide, your benefit amount is locked in. That’s why it’s important to balance short-term needs against long-term income stability.
Planning Ahead for Retirement
Social Security is designed to replace only part of your income. To be financially comfortable, most retirees will also need savings, pensions, or part-time income.
If you’re behind on retirement savings, learning about strategies — like maximising spousal benefits or using less-known Social Security rules — could make a big difference.
Social Security remains a critical source of retirement income, with the average 62-year-old receiving about $1,342 per month. While claiming early may provide faster access to cash, it comes at the cost of smaller lifelong payments.
Deciding when to claim requires careful planning based on your health, financial needs, and retirement goals. By understanding the trade-offs, you can make smarter choices that secure your financial future.
