According to the Social Security Administration (SSA), the Social Security program will pay out around $1.6 trillion in benefits to roughly 72 million beneficiaries this year. The bulk of these beneficiaries will receive retired workers' benefits, with the number coming in close to 56 million as of the end of July.
Although the amount of these benefits will vary widely between recipients, it helps to get an idea of the average benefit at different ages to better plan how Social Security will fit into your retirement income strategy.
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What is the average benefit at age 62?
Along with your career earnings, the age at which you claim Social Security directly affects how much your monthly benefit is.
The earliest you can claim is 62, but doing so will reduce your monthly benefit by 30% from your primary insurance amount, which is the amount you'd receive by claiming benefits at your full retirement age (FRA). Delaying benefits past your FRA increases them monthly until you reach age 70. For people born in 1960 or later, the FRA is 67.
As of the end of 2024, the average retired worker's monthly benefit at 62 was $1,342, or $16,104 annually.
Although the smaller checks by claiming at 62 may not be ideal for everyone, it can be helpful for people who need immediate financial assistance or would prefer to access their money earlier to use it however they see fit. Whatever your plans, be sure to weigh the trade-offs of claiming early versus waiting because the age at which you claim permanently affects your benefit amount.
