The option to claim Social Security benefits early at age 62 is highly sought after, and it’s easy to see why. Claiming sooner means receiving more payments, but it comes with a significant trade-off: your monthly benefit can be reduced by up to 30%.

This doesn’t imply that claiming early is wrong; it’s something to consider carefully when deciding when to start receiving benefits. Let’s explore how much the average 62-year-old benefits compare to those who claim later.

What Do Average 62-Year-Olds Receive from Social Security?

As of 2023, the overall average Social Security benefit was $1,905.31 per month. However, it has increased today due to cost-of-living adjustments (COLAs). For 2024, benefits have gone up by 3.2%, raising the average to $1,966.28. Another increase of 2.5% is expected in 2025, bringing the average close to $2,015.44.

Conversely, those who claim their benefits at 62 get much less. Their average monthly check in 2023 was only $1,298.26. With the 2024 COLA, it will be approximately $1,339.80, and the anticipated 2.5% increase for 2025 will raise it to about $1,373.30.

Benefits typically increase as the age of the recipient at the time of claiming rises. Those aged 70 to 74 currently receive the highest average benefit, reported at $2,021.81 in 2023 ($2,086.51 in 2024, $2,138.67 in 2025).

This trend is logical based on how Social Security benefits are calculated. To receive the full scheduled benefit, one must reach their full retirement age (FRA), which is between 66 and 67 for today’s workers. Early claiming means a smaller check, whereas delaying results in a larger one. The longer you wait to apply, the more your benefit increases, as detailed in the table below:

Source: Social Security Administration.

Waiting until you’re 70 offers the highest possible Social Security payment, but this may not be appealing either, as you will receive fewer checks during that time.

Is Claiming Social Security at 62 Right for You?

When considering whether to claim at 62 or hold off, there are several crucial factors to think about. Health is chief among them; if you don’t foresee a long life ahead, it may not be best to wait.

If you choose to begin claiming early, keep in mind that your survivors’ benefits for your spouse and dependents could be permanently reduced as a result. If you do not urgently need the funds for your current expenses, waiting to claim may be wiser.

Another consideration for early claiming is if you lack sufficient alternative sources of income for retirement. If postponing claiming could lead you to financial strain, then it would be smarter to withdraw benefits early.

Additionally, for married couples with a noticeable income difference, it may be beneficial for the lower earner to claim at 62, freeing up the higher earner to delay claiming for a more significant benefit later. The lower earner could then switch to a spousal benefit if it’s more advantageous than their current amount.

Having a tentative timeline for when you intend to claim Social Security—whether at 62 or at a later date—can help you gauge how much you need to save for retirement. However, don’t feel rigid in your decision; regularly review and adjust your plans to guide you toward your desired retirement scenario.

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