Deciding when to claim Social Security benefits is a big deal. While the Social Security Administration (SSA) allows you to start receiving retirement payments as early as 62, this choice comes with some trade-offs.
If you’re planning to retire early, understanding the potential size of your monthly checks and how timing affects them is crucial.
Here’s what you need to know about Social Security checks at 62 and how your decisions now could shape your financial future.
Eligibility
First, let’s talk eligibility. To receive Social Security retirement benefits, you need 40 work credits, which usually equals about 10 years of work. These credits are earned based on your wages or self-employment income.
Once you hit this milestone, the SSA calculates your benefits based on your lifetime earnings. Keep in mind that these are averages—you’ll get a more exact figure once Social Security confirms your specific payment.
Check Amounts
What kind of check can you expect at 62? On average, Social Security benefits at this age fall between $1,300 and $1,400 monthly. This is significantly lower than the average check of $1,924, which is what retirees across all age groups are currently receiving as of October 2024.
Why the gap? Filing at 62 results in a 30% reduction in benefits compared to waiting until Full Retirement Age (FRA). For those who can hold out until 70, there’s a 24% bonus added to their benefits, making patience a potentially lucrative strategy.
Maximum Benefits at 62
What if you’ve been a top earner and want to file at 62? As of 2024, the largest possible payment for early retirees at this age is $2,710. This amount requires meeting specific criteria:
- Filing for retirement at 62
- Working at least 35 years
- Holding jobs covered by Social Security
- Earning the taxable maximum income for at least 35 years
The good news? With the 2025 Cost of Living Adjustment (COLA) on the horizon, the maximum payment will jump to $3,018.
| Filing Age | Monthly Benefit (Average) | Maximum Benefit |
|---|---|---|
| 62 | $1,300–$1,400 | $2,710 |
| FRA (67) | $1,924 (2024 avg) | Higher than $3,000 |
| 70 | ~$2,400+ (with bonuses) | Higher than FRA max |
Factors to Consider
The decision to file early depends on a mix of personal and financial factors. Here are some points to consider:
Longevity
If you anticipate a longer life expectancy, delaying your benefits could maximize your lifetime payout. But if health concerns are a priority, claiming earlier might make sense.
Other Income
If you have savings, pensions, or other sources of income, waiting until FRA or later to file might help you boost your Social Security checks while relying on alternative funds.
Job Stability
Still working? Earning too much income while receiving Social Security before FRA could mean your benefits are temporarily reduced.
Filing for Social Security at 62 might seem appealing, but it comes with significant trade-offs. While monthly checks will be lower, they might meet your immediate needs.
If you can delay filing, you’ll set yourself up for a bigger financial cushion later. As with all major financial decisions, weigh your options carefully and consult a financial advisor if you’re unsure.
