When you've spent four decades or more in the workforce, it's understandable to be drawn to the idea of claiming Social Security at 62. Those monthly checks may be your ticket to finally retiring, and when you sign up right away, you ensure you'll get the greatest number of checks possible.
But there's a downside to claiming early. It can reduce your checks by up to 30%. Here's how that breaks down for the average 62-year-old claimer so you can decide whether it's the best option for you.
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How much the average 62-year-old claimer receives
The Social Security Administration calculates what's known as your primary insurance amount (PIA) first. This is the benefit you qualify for when you reach your full retirement age (FRA). FRA is 67 for most workers today, though some older adults have FRAs as young as 66.
After that, it adjusts your PIA up or down based on your claiming age. Claiming under your FRA shrinks your checks by 5/9 of 1% per month for the first 36 months. If you claim more than three years early, you lose an additional 5/12 of 1% per month. That means those with FRAs of 67 only receive 70% of their PIAs per check if they apply immediately at 62. Those with FRAs of 66 would get 75% of their PIAs per check at 62.
The actual dollar amount you'd get depends on how much you paid Social Security payroll taxes on throughout your career. But the average benefit for 62-year-old claimers as of December 2024 was $1,341.61.
Today's average is likely a little bit higher because benefits tend to increase slowly over time. Still, it's likely nowhere close to the $2,002.39 average Social Security check for beneficiaries of all ages as of May 2025.
A $1,341.61 monthly benefit amounts to just over $16,000 in benefits a year. It's a good chunk of money, but it's not enough for most people to live on. The average household headed by an adult 65 or older spent over $60,000 in 2023 and inflation continues to drive up costs. You'll likely need personal savings or another source of income to help you cover your expenses in retirement. But that doesn't mean claiming Social Security at 62 is always the wrong choice.
Should you claim Social Security at 62?
Claiming at 62 can be the right choice if you can't delay your checks due to financial or health concerns. If you lack personal savings and can't work, it's better to sign up for Social Security early than to go into debt, even if it means settling for a smaller lifetime benefit.
Signing up early could also make sense if you have a short life expectancy. In this case, applying at 62 could lead to a larger lifetime benefit. However, you should note that claiming early also reduces the survivors benefits your family is entitled to after you pass away. If you think they'll be heavily dependent on those checks, you may be better off waiting to claim or not claiming at all so they can have more money later.
If neither of those scenarios apply to you, you may be better off delaying benefits, at least for a little while. Every month you wait to claim increases your benefit until age 70. If you wait until you're eligible for your maximum benefit, you could get 124% of your PIA per check if your FRA is 67.
That's enough to raise the $1,341.61 average monthly benefit at 62 to $2,376.57 per month by age 70. If you live into your 80s or beyond, it's likely delaying Social Security will net you a much larger lifetime benefit, helping you stretch your personal savings even further.
