Turning 62 opens up the option to start receiving Social Security retirement benefits, though it typically comes with a reduction if you claim early. For 2025, thanks to a 2.5% Cost-of-Living Adjustment (COLA), 62-year-olds who meet specific qualifications may receive up to $2,831 in monthly benefits.
However, the average benefit is generally lower unless you meet the criteria for maximum payments. Let’s break down eligibility requirements, payday details, and the ways you can increase your future Social Security benefits.
Eligibility for $2,831 at Age 62
The Social Security Administration (SSA) has set criteria for recipients who want to receive the maximum benefit of $2,831 monthly at age 62 in 2025. The requirements include:
- Filing for Benefits at 62: By claiming Social Security retirement benefits at age 62, you’ll be eligible for this specific payout, although benefits taken early are reduced compared to Full Retirement Age (FRA).
- 35 Years of Maximum Earnings: To receive the maximum benefit, you must have earned the maximum taxable amount (the SSA-set limit on income subject to Social Security taxes) for at least 35 years.
- Jobs Covered by Social Security: The jobs you worked must have been covered by the SSA, meaning you paid into the Social Security system through payroll taxes. This is essential for eligibility and accurate benefits calculation.
- At Least 35 Years of Work History: In addition to hitting the earnings cap for 35 years, you’ll also need at least 35 years of total work history. Without 35 years, the SSA averages in zero-earning years, which can reduce your benefit amount.
If you don’t meet all these requirements, your payment will be less than $2,831. However, the longer you work and the more you earn up to the taxable maximum, the higher your eventual benefit will be.
2025 Maximum Social Security Benefits by Age
Here’s a breakdown of the maximum benefits by age after the 2025 COLA increase:
| Age to Begin Benefits | Maximum Benefit in 2025 |
|---|---|
| 62 | $2,831 |
| Full Retirement Age | $4,018 |
| 70 | $5,108 |
Choosing when to claim depends on your financial needs and health outlook. Waiting until full retirement age (around 66-67) or 70 means higher monthly payments but requires forgoing benefits for several years.
When Can 62-Year-Olds Receive Payment?
The Social Security Administration has a set payment schedule that applies to all beneficiaries based on their date of birth and the length of time they’ve been collecting benefits.
- January 3, 2025: This payment date applies to retirees who began receiving benefits before May 1997. It’s also a payday for Supplemental Security Income (SSI) beneficiaries. However, high earners—those eligible for a check of up to $2,831—typically will not be on this date unless they fall into a specific category.
- Birth Date-Based Paydays: For high earners who qualify for the $2,831 benefit, Social Security payments will be issued as follows:
- January 8: Birth dates from the 1st to the 10th.
- January 15: Birth dates from the 11th to the 20th.
- January 22: Birth dates from the 21st to the 31st.
For those approaching 62, it’s wise to file a few months before your intended start date to ensure your benefits start smoothly.
Factors Impacting Benefit Amounts
The maximum payment of $2,831 assumes 35 years of maximum earnings and eligibility at age 62. However, several factors can impact the benefit amount:
- Claiming Early: If you claim benefits before your FRA, expect a reduction. For most 62-year-olds, this reduction is around 30%.
- Work Earnings: If you’re still working while claiming benefits, there’s an earnings limit until you reach FRA, beyond which your benefits may be reduced.
- Cost-of-Living Adjustments (COLA): COLA increases, such as the 2.5% bump for 2025, help maintain purchasing power by adjusting for inflation, though they’re not based on individual earnings or contributions.
How to Boost Your Future Benefits
If you’re nearing 62 and don’t meet the criteria for maximum benefits, there are ways to increase your eventual monthly payments:
- Delay Benefits: Waiting until FRA or even 70 can increase your monthly benefit, with delayed retirement credits boosting payments by up to 8% per year after FRA.
- Increase Earnings: If possible, continue working at a higher salary to replace lower-earning years in your benefit calculation.
- Check Your SSA Statement: Reviewing your Social Security statement can help you understand your current estimated benefits and explore options to improve them.
Claiming benefits at 62 offers flexibility, but keep in mind the reduction that comes with early retirement. Understanding the requirements and timing of payments can help you make the most of Social Security in retirement.
