Here's the Average Social Security Benefit of 62-Year-Old Americans (How Do You Compare?)
Turning 62 puts you at one of the most emotionally loaded crossroads in retirement planning. For the first time, Social Security is on the table, not as a general idea, but as a real, monthly check you could start receiving soon. Some people can’t wait to claim. Others worry about leaving money on the table. And many just want to know one simple thing: what does this look like for people my age?
At 62, you get to officially choose your retirement age, and the numbers matter.
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What happens when you claim Social Security at 62?
Age 62 is the earliest point most people can start collecting Social Security retirement benefits. The tradeoff is straightforward but significant: claiming early permanently reduces your monthly check.
Social Security calculates your benefit based on your “full retirement age” (which is between 66 and 67 for today’s retirees). If you claim at 62, your benefit is reduced by roughly 25% to 30%, depending on your exact birth year. That reduction doesn’t go away later. It follows you for life.
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The average Social Security benefit for 62-year-olds
According to the most recent data from the Social Security Administration, retirees in their early 60s receive noticeably smaller checks than older retirees. On average, a 62-year-old beneficiary receives $1,298.26 in monthly benefits. When looking at this broken out by sex, men earn on average $1,439.94 while women earn $1,167.07.
For comparison, the average Social Security benefit for all retired people in 2026 is $2,071 per month. This includes retirees at all ages and income levels, which it why it’s so much higher than the average benefit at age 62.
Why the number can vary so much from person to person
Social Security benefits are highly personal. Two people who are both 62 can see very different checks hit their bank accounts.
Your benefit is based mainly on:
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Your highest 35 years of earnings
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How much you earned relative to the Social Security wage base
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Your exact claiming age
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Your work history consistency
Someone who worked steadily in a higher-paying career will likely receive far more than someone with gaps in employment or lower lifetime earnings.
How much smaller is a 62-year-old’s check, really?
The reduction for claiming at 62 is not subtle. If your full retirement age benefit would have been $2,000 per month, claiming at 62 could drop it to roughly $1,400 to $1,500.
That’s a cut of around $6,000 to $7,000 per year, every year, for as long as you receive benefits. Over a long retirement, that can easily add up to six figures in total lifetime benefits, depending on how long you live. The longer you live, the lower your lifetime benefit.
How 62 compares to waiting until 67 or 70
Waiting makes a big difference:
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Claiming at full retirement age gives you 100% of your earned benefit
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Waiting until 70 increases your benefit by about 8% per year after full retirement age
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Claiming at 62 locks in the smallest possible check
For many people, the difference between claiming at 62 and 70 can be 40% or more in monthly income. That’s one of the largest guaranteed “raises” available in retirement planning.
Why so many people still clam at 62 anyway
Despite the math, a large number of Americans still claim as soon as they’re eligible. The reasons are usually practical, not theoretical.
Common reasons include:
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Job loss or health issues
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Burnout or physically demanding work
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Not having enough savings to wait
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Wanting income certainty sooner rather than later
For many households, the decision is less about optimization and more about necessity or peace of mind.
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The role your spouse can play in the decision
If you’re married, the claiming decision gets more complex, and often more important. Spousal benefits and survivor benefits are based partly on the higher earner’s record.
If the higher-earning spouse claims early, it can reduce not just their own check, but also the benefit their spouse may eventually rely on if they outlive them. In those cases, waiting longer to claim can act like a form of longevity insurance for the surviving spouse.
Taxes and Medicare: two often-missed factors
Social Security doesn’t exist in a vacuum. Your benefits may be taxable depending on your total income, and Medicare doesn’t automatically start at 62.
Medicare generally begins at 65, so if you retire at 62, you may need to cover health insurance for a few years out of pocket. That cost alone can significantly change whether early claiming actually helps your budget or just fills one gap while opening another.
How to estimate your own benefit more accurately
The most reliable way to see your personal number is to check your account at SSA.gov. There, you can see:
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Your estimated benefit at 62, full retirement age, and 70
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Your full earnings record
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How different claiming ages change your projected income
These estimates are based on your real work history, not averages, which makes them far more useful for actual planning.
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Bottom line
Claiming Social Security at 62 means accepting a permanently smaller monthly check, often in the low-to-mid $1,000s depending on your work history. For some people, that income is necessary right away, but for others, waiting even a few years could meaningfully increase lifetime benefits and reduce pressure on savings later.
Social Security benefits are adjusted for inflation each year, but those adjustments are based on a percentage of your starting benefit. So, the higher your initial check, the more those cost-of-living increases compound over time, helping set yourself up for retirement with more long-term income security.
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