Millions of older adults depend on Social Security to make ends meet, and age 62 is the earliest most people can begin taking retirement benefits.
The age you file will directly impact your monthly payments. Filing earlier than your full retirement age -- which is between ages 66 and 67 depending on your birth year -- will reduce your checks. If you file after your full retirement age, up to age 70, you'll collect a bonus each month on top of your full benefit.
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The average benefit varies wildly by age
Claiming at 62 can make it easier to retire earlier, but it could also significantly shrink your checks.
According to the most recent data from the Social Security Administration released in December 2024, the average benefit at age 62 is $1,341.61 per month.
For context, the average benefit at age 67 is $1,929.73 per month. At age 70, that average is $2,148.12 per month. In other words, delaying benefits from age 62 to 70 results in an additional $806.51 per month for the average retiree.
Why you might (or might not) want to delay benefits
The biggest advantage of delaying Social Security is the boost in benefits.
An extra $807 per month can be life-changing for many retirees. Also, because Social Security benefits are for life, delaying benefits will earn you larger payments for the rest of your retirement. If your savings run out later in life, these larger checks can go a long way.
That said, claiming early can also be smart in some situations. If you plan to retire in your early 60s, for example, taking Social Security when you retire can provide an additional source of income. You can delay benefits even if you retire early, but that often risks depleting your savings too quickly.
There's no single correct option when it comes to taking Social Security. But when you know how your claiming age will affect your benefit amount, it will be easier to make the best decision for your retirement.
