The Typical Social Security Payment at 62

Age 62 is the earliest point at which you can start receiving Social Security. Based on the latest available data, the average monthly benefit for 62-year-olds is $1,424.40, according to the Social Security Administration (SSA). Many people choose this age because they need income soon after leaving the workforce.

The SSA calculates your benefit using your 35 highest-earning years, adjusting earlier wages for inflation and applying the primary insurance amount (PIA) formula. Filing early gives you more months of payments, but it also locks in a smaller monthly check for life.

What 62-year-olds receive

Full retirement age, or FRA, is between 66 and 67 depending on your birth year, and it is 67 for people born in 1960 or later. If your FRA is 67 and you claim at 62, your monthly benefit is reduced by 30%. If your FRA is 66, the reduction is 25%. The table below shows how that affects average benefits.

Payments also differ by sex. At age 62, men receive an average of $1,572.83 per month, while women receive $1,285.50, a difference of $287.33. These numbers reflect differences in average lifetime earnings and come from SSA data.

Is 62 the right age to claim Social Security?

Delaying benefits can materially change the outcome because of delayed retirement credits, which increase your payment by 8% per year after full retirement age, up to age 70. The average benefit for 70-year-olds is $2,274.68 per month, which is $850.28 more than the average at 62, or about $10,203.36 a year.

A 3.6% cost-of-living adjustment (COLA) is set to take effect in 2027. That increase would add roughly $51 a month to the average 62-year-old benefit. COLAs are intended to help benefits keep up with inflation, though the size of the adjustment changes from year to year.

Social Security is meant to supplement retirement income, not replace it entirely. It was designed to cover about 40% of pre-retirement wages, which is usually not enough on its own to meet all retirement expenses. Most older adults rely on savings or other income to bridge the gap.

Whether early claiming makes sense depends on your health and financial situation. Men at 65 are expected to live about 18 more years, while women are expected to live about 21 more. For people with average life expectancy, the lifetime total tends to be similar no matter when they start benefits.

If you are comparing your own options, keep in mind that these averages include many different work histories, so your personal payment will depend on your own highest-earning years.

Considerations for married couples

Married couples also need to think about how one spouse’s claiming age affects the other’s benefits. A spouse cannot claim a spousal benefit on your record until you begin receiving retirement benefits. Claiming at 62 allows your partner to pursue spousal benefits once they are ready.

At the same time, filing early permanently lowers the survivor benefit your spouse could receive after your death. That survivor benefit can be as much as 100% of the benefit you are entitled to or receiving when you die. If your spouse depends heavily on those payments, waiting for a larger benefit may be the better choice.

Before making a decision, discuss your options together so you are both aligned on the plan. If circumstances change later, make sure each of you stays informed.

For more on how Social Security affects retirement, see this guide.