American workers who qualify for Social Security benefits can start collecting their monthly payments at any time between the ages of 62 and 70. However, the earlier you start, the lower your benefits will be.
In fact, by claiming Social Security at 62, the earliest age possible, your benefits can be reduced by as much as 30% compared with what they would be at full retirement age. On the other hand, if you wait until 70, someone who is 62 years old now would see his or her full retirement benefit permanently increased by 24%.
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The average Social Security benefit at age 62
According to the 2025 Social Security Statistical Supplement, there are about 594,000 retired workers who collect Social Security benefits and who are 62 years of age. In fact, 62 is one of the most popular ages to start collecting Social Security.
The average monthly Social Security benefit for age 62 is $1,341.61 per month. That's about $16,100 per year in retirement income.
The overall average for a retired worker is about $1,975 per month, as of the beginning of 2025. That's a big difference. In other words, the average retired worker gets $7,600 more per year than the average 62-year-old, according to the Social Security benefits formula.
Of course, there can be some very good reasons for claiming Social Security as early as possible -- for example, if you have health issues that force you to retire sooner than planned, or if you lose your job and have trouble finding another. But if you don't have to claim Social Security at 62, it's important to know the impact of starting your benefits so early, and to take this permanent reduction into consideration before you apply.
