You probably know that while the official full retirement age -- or FRA -- for filing Social Security retirement benefits is between 66 and 67 (depending on when you were born), you can claim as early as the age of 62. Doing so, however, dramatically reduces the size of your monthly payment.
To this end, what's the average monthly benefit for anyone who's opted to file for Social Security benefits at this earliest-possible age? Keep reading.
The number(s)
For perspective, the overall average monthly Social Security payment right now is $2,071, while the average benefit being collected by 67-year-olds is a comparable $2,016 per month. As of the end of last year, however, the typical monthly payment 62-year-olds receive is a much-lower $1,424.40. That's roughly 30% less than the average, or the benefit resulting from waiting to claim at your full retirement age.
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In this vein, waiting until you reach 70 years of age to file (there's no additional benefit in waiting beyond that point) can pump your eventual payment up by about one-fourth more than what you'd receive if you claim at your FRA.
But most people don't. The average 70-year-old's monthly Social Security benefit right now is $2,187, suggesting most of these recipients claimed well before they reached this age. In fact, as of 2024 the single-most-popular age for filing was 62, although the average age at claiming was a bit higher at 65.2.
Just one piece of the puzzle
While anyone who claims Social Security at the earliest-possible age of 62 is seemingly doing themselves a disservice, that may not actually be the case. Their monthly payments are smaller, but they're going to be collecting these benefits for longer.
See, the Social Security's Administration's calculation of every beneficiary's payments are intended to provide an equitable and equivalent total lifetime benefit to everyone. Some recipients obviously make out better than others, depending on when they pass away. On average though, the math statistically evens out in the end.
Also bear in mind that the age at which you file is only part of what determines the size of your Social Security payments. The number of years you earn taxable income and the amount of money you earn while working are also key factors. In short, more of both is better.
Still, the average 62-year-old's monthly Social Security benefit of $1,424.40 is a decent starting estimate of what to expect if you're planning on claiming at the same age. Or, it's the benchmark if you've already filed for benefits at this age and just want to know how your payment compares.
