What Is the Average Social Security Check When Retiring at 62 Versus 67
By SalaryFor.com – real salaries for all professions
Many Americans choose to begin collecting Social Security as soon as they become eligible at age 62, the earliest age most workers can start retirement benefits. While claiming early allows retirees to receive income sooner, it also permanently reduces the size of their monthly payments.
Understanding what the average Social Security check looks like at age 62 can help workers make more informed retirement decisions.
The Average Monthly Benefit at 62
According to data from the Social Security Administration, retirees who claim benefits at age 62 receive significantly smaller payments than those who wait until full retirement age.
On average, individuals who start benefits at age 62 receive roughly $1,300 to $1,600 per month, depending on their earnings history and the year they retire.
This range reflects typical payments for early claimers and includes retirees with a wide variety of income levels throughout their working lives.
Why the Benefit Is Lower at 62
The reason for the smaller benefit is straightforward: early claiming reduces the monthly payment permanently.
For workers whose full retirement age is 67, claiming benefits at age 62 results in a reduction of about 30% compared with waiting until full retirement age.
For example:
- Estimated benefit at full retirement age: $2,000 per month
- Benefit if claimed at 62: about $1,400 per month
Although the monthly check is smaller, retirees who claim early receive benefits for a longer period of time, which is why many people still choose to start at 62.
Why Many Americans Claim at 62
Despite the reduced benefit, millions of Americans begin collecting Social Security at the earliest possible age. Common reasons include:
1. Job loss or early retirement
Workers in their early 60s sometimes leave the workforce unexpectedly and rely on Social Security for income.
2. Health concerns
Some individuals claim benefits early if they believe they may not be able to work longer.
3. Lack of retirement savings
For many households, Social Security is the primary retirement income source.
4. Desire to enjoy retirement sooner
Some retirees prefer to start receiving benefits earlier rather than waiting several more years.
How Waiting Can Increase the Benefit
Workers who delay claiming Social Security can increase their monthly benefit significantly.
Key milestones include:
- Age 62: earliest claiming age with reduced benefits
- Age 67: full retirement age for people born in 1960 or later
- Age 70: maximum benefit after delayed retirement credits
Delaying benefits from age 62 to 67 can increase payments by roughly 40–45%, while waiting until 70 can increase them even more.
The Bottom Line
Retiring at age 62 allows Americans to start collecting Social Security earlier, but it comes with a trade-off: smaller monthly payments for life. With the average benefit for early claimers typically falling between $1,300 and $1,600 per month, workers should carefully evaluate their financial situation, health, and retirement goals before deciding when to claim.
For many retirees, Social Security serves as a financial foundation, but additional savings or retirement income may still be necessary to maintain a comfortable lifestyle.
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In: On The Job Advice · Tagged with: Social Security
