Social Security benefits are a key part of retirement income for many people. You can start collecting as early as age 62, but doing so will lower your monthly payment for life. It’s important to know how early retirement affects your benefit and what the average payout is at 62 before deciding when to start. A financial advisor can help you review your options and choose the timing that best fits your retirement plan.
Claiming Social Security at 62
Before diving into the numbers, it’s important to understand what happens when you claim Social Security at age 62. If you choose to start benefits at 62, you’ll be claiming before reaching your full retirement age (FRA), which ranges between 66 and 67 depending on your birth year. Because of this, the Social Security Administration (SSA) applies a permanent reduction to your monthly benefit.
Here’s how the reduction works:
- If you claim 36 months before FRA, your benefit is reduced by approximately 0.56% per month.
- For any additional months before FRA you claim, the reduction is about 0.42% per month.
For example, if your full retirement age is 67 and you start benefits at 62, that’s a 60-month difference. This results in a 30% reduction in your monthly benefit. Even claiming just one year early can reduce your payment by roughly 6.7%.
Because this reduction is permanent, it’s important to weigh the long-term financial impact before deciding when to claim. The SSA provides monthly breakdowns showing how benefits are reduced when claimed early, which can be a helpful resource in retirement planning.
Below is a table showing what percentage of full retirement benefits you’d receive if you claim Social Security at various points throughout age 62:
| Age | Percentage of Full Retirement Benefits Received |
| 62 | 70.0% |
| 62 and 1 month | 70.4% |
| 62 and 2 months | 70.8% |
| 62 and 3 months | 71.3% |
| 62 and 4 months | 71.7% |
| 62 and 5 months | 72.1% |
| 62 and 6 months | 72.5% |
| 62 and 7 months | 72.9% |
| 62 and 8 months | 73.3% |
| 62 and 9 months | 73.8% |
| 62 and 10 months | 74.2% |
| 62 and 11 months | 74.6% |
Average Social Security Benefit at Age 62
The SSA doesn’t publish a specific average for age 62, but we can use available data to create an estimate. According to the 2025 Annual Statistical Supplement, as of December 2024, the average monthly benefit for a retired worker who claimed benefits at full retirement age was 2,510.79 including the delayed retirement credit.
To project the 2025 figure, we can apply the most recent cost-of-living adjustments (COLAs):
So, if a retiree begins benefits at age 67 with average lifetime earnings, they could expect around $2,566.93 per month in 2025. But if that same person claims at age 62, they would receive 30% less. Applying that reduction to the $2,566.93 estimate results in a monthly benefit of $1,796.85.
This illustrates just how much claiming early can affect your long-term income. While claiming at 62 may be the right decision in certain situations, it’s important to consider the potential impact on your monthly budget, especially over a long retirement.
Keep in mind that these are general estimates. Your actual benefit will depend on your personal earnings history, the age you claim and future changes in COLA rates.
What You Should Consider Before Claiming Social Security at 62
While age 62 is the earliest you can start receiving Social Security retirement benefits, claiming early comes with important trade-offs that can affect your long-term finances.
The most immediate drawback is a permanent reduction in your monthly benefit—up to 30% less than what you’d receive by waiting until full retirement age. Over a retirement that may last 20 to 30 years or more, that smaller check can add up to a significant difference in total income.
Still, claiming at 62 may be a reasonable choice in certain cases. If you have serious health issues, a shorter life expectancy, or face involuntary early retirement, starting benefits early can help cover basic expenses or provide needed income.
On the other hand, if you’re able to delay—even by a few years—you can increase your monthly benefit by 6% to 8% each year you wait until age 70. This can be especially helpful in reducing the risk of outliving your savings. Some people use personal savings, part-time income, or other retirement sources to bridge the gap.
Claiming early can also lower the survivor benefits your spouse may receive, which is an important factor for married couples to consider.
The right claiming age depends on your health, income needs, work status and whether others are counting on your benefit. A financial advisor can help you evaluate the trade-offs and build a strategy that fits your full retirement picture.
Frequently Asked Questions (FAQs)
Can I Still Work if I Claim Social Security at 62?
Yes, but your benefits could be reduced if you earn more than the annual earnings limit set by the Social Security Administration. For 2025, the earnings limit is $23,400. If you earn above that amount, $1 is withheld for every $2 you earn over the limit. Once you reach full retirement age, this limit no longer applies and your full benefit is paid regardless of earnings.
Will My Benefits Increase Later If I Start at 62?
No. Once you begin claiming Social Security, your benefit amount is locked in, apart from annual cost-of-living adjustments. If you claim at 62, your benefit will remain reduced compared to what you would have received at full retirement age or later. Delaying benefits is the only way to increase your base monthly benefit.
How Does Claiming at 62 Affect My Spouse’s Benefits?
If you claim early, it could reduce the amount your spouse may receive in spousal or survivor benefits. Spousal benefits are based in part on your benefit amount, so locking in a lower benefit at 62 may result in a lower payout for your spouse, especially if they outlive you and rely on survivor benefits.
Can I Change My Mind After Claiming at 62?
Yes, but only within the first 12 months of starting benefits. You can withdraw your application, repay the benefits you’ve received and reapply later to receive a higher monthly amount. This option is available only once in your lifetime and must be done within that 12-month window.
Bottom Line
If you’re thinking about claiming Social Security at age 62, it’s important to know how that choice affects your monthly benefit. Taking benefits early means a smaller check for life, which can impact your retirement income for years. Your health, how long you expect to live, whether you plan to keep working, and other income sources all matter when deciding the best time to start.
Retirement Planning Tips
- A financial advisor can help you create and manage your retirement plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Mandatory distributions from a tax-deferred retirement account can complicate your post-retirement tax planning. Use SmartAsset’s RMD calculator to see how much your required minimum distributions will be.
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