The $1,424.40 Social Security Benefit Some Retirees Get Stuck With

Quick Read

• Retirees who claimed Social Security at 62 receive an average of $1,424 per month, roughly 30% less than if they had waited until full retirement age of 67.

• Delaying Social Security past full retirement age earns an 8% annual boost, up to age 70, significantly increasing lifetime monthly income.

• Filing early makes sense if you need immediate income or have a short life expectancy, but permanently reduces monthly checks for life.

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There’s a reason workers are warned to save for retirement. Having to live on Social Security alone could mean struggling financially for many years.

But some people get less Social Security than others. And if your benefit is reduced due to filing early, you may find that you truly can’t get by without income to supplement your Social Security checks.

Why some Social Security recipients today get very small checks

The average Social Security benefit today is $2,086 per month. But as of December 2025, some seniors were only getting an average of $1,424.40.

People in that boat, however, all fell into the same category — they claimed Social Security at age 62 instead of waiting. And that explains the lower number.

The Social Security benefit you’re eligible for in retirement each month is based on your personal wage history. The higher your career earnings are, up to a certain point, the more money your benefits should be worth.

But beyond that formula, your filing age helps determine how much Social Security you get to collect. If you file at full retirement age (FRA), which is 67 for anyone born in 1960 or later, you get the monthly benefit you’re entitled to based on your wage history without a reduction.

You can also delay your claim past FRA for larger checks. Each year you wait until your 70th birthday gives you an 8% boost.

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On the flipside, filing for Social Security early reduces your benefits. The earliest age to sign up is 62. But if you file at 62 with an FRA of 67, you’re looking at a reduction of roughly 30% — for life. That explains why some seniors only get to collect $1,424.40 per month in Social Security while others receive significantly more.

Questions to ask before filing early

Claiming Social Security early isn’t always a bad decision. If you need money right away, it may be cheaper than borrowing. And if you don’t expect to live a long life, an early claim could put more Social Security in your pocket in total despite a reduction in benefits on a monthly basis.

But if you’re thinking of filing for Social Security at 62, ask yourself these questions first:

• Can I afford reduced benefits based on my estimated monthly bills?

• Do I have savings or other income to supplement my monthly checks?

• Is my health in good shape, and am I likely to live a longer life?

• Do I have a spouse who may be entitled to survivor benefits if I pass away?

• Do I have lifelong goals that larger monthly benefits could help me achieve?

Remember, even if you claim Social Security at 62, you may not end up with $1,424.40 per month. Your reduced benefit could come in higher or lower, depending on your benefit at FRA.

But it’s important to recognize the hit your monthly checks will take if you file for Social Security at 62, and to make sure an early claim won’t ruin your long-term retirement plans.

Learn 7 Ways To Generate Income With A $1,000,000+ Portfolio

If you’ve saved over $1,000,000, this guide is for you. The last thing you want in retirement is to run out of money, you want your money to generate lasting income while you enjoy your life.

Now you can learn the strategies wealthy retirees use to fund their retirement with The Definitive Guide to Retirement Income from Fisher Investments. Download the guide today! (sponsor)

Contact editorial@247wallst.com for any questions or corrections.