Social Security benefits were never meant to make up the entirety of your retirement income. For plenty of people, however, it's certainly a nice little bump. The average monthly payment currently stands at $2,071, according to the Social Security Administration. That's an average of a wide range of inputs, though. Most beneficiaries are banking measurably less, or considerably more, up to a maximum of $5,181 per month.
And this raises an important question: What determines the size of your eventual monthly benefit? The amount of taxable income you earn while working is one factor. The number of years you work is another. Perhaps the most underappreciated factor in the ultimate figure, however, is the age at which you claim your Social Security retirement benefits.
And that raises another important question: How much are people getting when they file for benefits at the earliest possible age of 62?
Answer: Quite a bit less, actually.
The number
As of the middle of last year, the average 62-year-old collecting Social Security retirement benefits was only seeing a monthly payment of $1,377. That's 33% less than the overall average.
What gives? Depending on when they were born, these people are claiming benefits anywhere from four to five years sooner than their full retirement age, or FRA. That's just the point at which claiming benefits provides you with 100% of your intended monthly payment. For perspective, as of mid-2025 the average 66-year-old was receiving $1,808 per month, while 70-year-olds were collecting above-average monthly payments of $2,187.
Mathematically speaking though, no one's coming out ahead or behind by claiming early, or later, or right at their FRA.
Image source: Getty Images.
The Social Security Administration wants to be as flexible, but as fair as possible. Those who claim at the age of 62 may see smaller monthly payments than others, but they'll collect these payments for a longer period of time. Conversely, retirees who wait until they turn 70 to file for benefits will collect on the order of 25% more than they would if they claimed at their official retirement age of between 66 and 67, but they'll collect for less time. The program's payment math is just meant to provide an equitable total lifetime benefit to everyone, no matter how they choose to receive it.
Sure, some people outlive their intended benefit. Others don't. That's the risk taken by Social Security as well as the program's participants. On average though, all of the calculated payments at different ages are as fair as they can possibly be without risking the sustainability of the entitlement program itself.
Think out your plan first, and then make the move
The fairness factor of Social Security's payment calculation doesn't mean you should make a point of claiming at the age of 62 just because you can, however. Even if you don't need these payments yet and intend to invest this cash for long-term growth, the decision has permanent consequences that are not to be taken lightly. Chief among them is that it (obviously) lowers your benefits payments for the rest of your life. It's a risk simply because a lot can change for you between the ages of 62 and 70, which might ultimately lead to the wrong decision in the long run.
You may also be fully able to continue working beyond the age of 62, possibly building up your eventual Social Security benefits in other ways, like adding a few more high-earnings years to your record. Although most people living in the United States end up deciding to retire around the relatively young age of 64, drawing an early benefit at a reduced rate could create longer-term challenges for these workers.
Regardless, you must make the thought-out choice that makes the most sense for you. You may have good reason to claim earlier rather than later despite the adverse impact, like a health issue, or a need for immediate retirement income that just can't be met any other way.
Whatever you end up deciding about your future Social Security benefits (assuming you've not yet initiated them yet), again, just remember that the program was never meant to be the source of all of your retirement income. It's just a supplement. You'll still want to save on your own as part of a much broader retirement plan.
