Mentally, you were ready to retire about 30 years ago, but financially, you're still tied to that 9-to-5, though there's a glimmer of hope on the horizon. You're almost 62, and you'll soon be eligible to claim Social Security. But you're not sure whether your monthly checks will be enough to help you finally quit your job.
Your exact benefit will depend on your income throughout your career. But if you just want a rough ballpark, looking at average benefits is a decent starting point. Here's how much the typical 62-year-old receives from the program and how you can estimate your future benefits more precisely.
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How claiming Social Security at 62 affects your checks
The Social Security Administration first calculates your benefits at your full retirement age (FRA). This is 67 for most workers today. Applying at this age is considered early claiming, which reduces your checks by up to 30%. This can take a substantial bite out of your monthly benefit.
The average Social Security benefit as of December 2024 was about $1,975 per month. If we add the 2.8% Social Security cost-of-living adjustment (COLA) for 2026, that bumps the typical check up to about $2,030 per month. But the average 62-year-old claimant only received about $1,342 per month in December 2024, or about $1,380 per month after factoring in the 2026 COLA.
That's a pretty big difference, and for some, claiming early leads to a smaller lifetime benefit as well, though this isn't always the case. Those with short life expectancies may come out ahead by claiming at 62. And sometimes, early claiming isn't always a choice.
How to know how much you'll get from Social Security at 62
You can use the average as a rough benchmark to decide whether applying early or retiring soon is the right move for you. But there's actually a better way to estimate your future Social Security benefit, and it doesn't require you to do any math.
You can create a free my Social Security account for personalized Social Security estimates at every claiming age. This uses government data on your income history and estimates of your future earnings, which you can adjust if desired.
It will show you your benefit at every possible claiming age, so you can see how much you'll be eligible for at 62 and how waiting a few months or years could increase your benefit. It's worth checking out before you decide on a claiming age, because once you've applied, it's difficult to undo your decision.
