What 62-Year-Olds Typically Receive in Social Security Benefits

Among 62-year-old recipients, the average monthly benefit is $1,572.83 for men and $1,285.50 for women, a difference of $287.33. These gaps usually reflect long-running differences in earnings and employment histories.

The Social Security Administration figures benefits by averaging wages from the 35 highest-earning years, then indexing older earnings for inflation before applying the formula that determines the primary insurance amount, or PIA. If a worker has fewer than 35 years of earnings, zeros are counted in the calculation, which can lower the final benefit.

The trade-off of filing early

Starting benefits at 62 means accepting smaller monthly payments for a longer stretch of time. The contrast with waiting is significant. At age 70, the average monthly benefit is $2,274.68, or $850.28 more than the age-62 average.

That difference works out to $10,203.36 a year for those who delay until 70. Over an average lifespan, the total amount received is often not dramatically different regardless of when benefits begin. At age 65, men are expected to live about 18 more years, and women about 21 more years.

A 3.6% cost-of-living adjustment is set to add roughly $51 a month to the average age-62 benefit when it takes effect.

Social Security was originally intended to replace only 40% of pre-retirement income, and many retirees need far more than that to meet expenses. Some people choose to claim at 62 because they need income right away after leaving work. For those with limited retirement savings, the $1,424.40 average can serve as a useful floor for planning purposes.

When claiming at 62 can be the right move

Filing at 62 may make sense if waiting is not financially realistic. That can happen when health problems or family caregiving responsibilities make it difficult to keep working. Others simply prefer to stop working earlier and are comfortable with the reduced lifetime payout.

Early claiming can also appeal to people with shorter life expectancies. In that situation, delaying benefits carries the risk of not collecting much, or anything, from the program. Even so, some married retirees and those with dependents still choose to wait in order to increase the survivor benefits their family could receive later.

It may also be worth considering early filing if you are married and your spouse earned substantially more over the course of their career. Your checks could help them postpone their own claim until they are eligible for a larger amount. After they file, you may be able to switch to a spousal benefit if it pays more than your retirement benefit.

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