Age 62 is the earliest age at which most Americans can claim Social Security retirement benefits. For people who need income after leaving the workforce, applying at this age can provide an immediate source of financial support. However, claiming early also means accepting a permanently reduced monthly benefit.
According to the Social Security Administration (SSA), the average monthly retirement benefit for people aged 62 was $1,424.40 as of December 2025. The amount varies considerably depending on an individual’s earnings history, employment record, and the age at which they begin collecting benefits.
For some retirees, receiving payments earlier makes financial sense. Others may benefit from waiting until full retirement age or even age 70. Knowing how these choices affect monthly income, lifetime benefits, and a spouse’s financial security can help people make a more informed retirement decision.
Average
The SSA calculates retirement benefits using a worker’s 35 highest-earning years. Earlier earnings are adjusted to account for changes in wage levels, and the resulting earnings record is used to determine the worker’s primary insurance amount (PIA).
The PIA represents the monthly benefit available at full retirement age. Claiming before that age reduces the payment, while delaying retirement benefits beyond full retirement age can increase them.
The following figures reflect the average monthly benefits for people aged 62, based on the December 2025 data provided.
| Beneficiary Group | Average Monthly Benefit |
|---|---|
| All beneficiaries aged 62 | $1,424.40 |
| Men aged 62 | $1,572.83 |
| Women aged 62 | $1,285.50 |
The difference between men and women is approximately $287.33 per month. Differences in lifetime earnings, employment patterns, and time spent outside the workforce can contribute to this gap.
These averages provide a useful reference point, but they should not be treated as a personal benefit estimate. Someone with a longer history of higher earnings may receive considerably more, while a worker with fewer years of substantial earnings may receive less.
The SSA provides an individualized estimate through its official retirement benefits information.
Reduction
The amount of a person’s benefit depends heavily on their full retirement age (FRA), which is determined by their birth year.
For people born in 1960 or later, full retirement age is 67. For those born earlier, it ranges from 66 to 67.
Claiming at 62 can result in a substantial reduction in monthly benefits.
| Full Retirement Age | Reduction at Age 62 |
|---|---|
| 66 | 25% |
| 67 | 30% |
For someone whose full retirement age is 67, claiming at 62 means receiving approximately 70% of their full retirement benefit.
The reduction generally remains in place for the rest of the person’s life, although annual cost-of-living adjustments can increase the dollar amount of the payment.
The SSA’s retirement age chart explains how the reduction changes depending on the year a person was born and when they begin collecting benefits.
Delaying
Waiting to claim Social Security can increase monthly payments.
Workers who delay benefits beyond full retirement age generally receive delayed retirement credits. For people born in 1943 or later, these credits increase benefits by 8% for each full year of delay, up to age 70.
The average monthly benefit for people aged 70 was $2,274.68, according to the figures provided. That is $850.28 more than the average benefit for people aged 62.
The difference amounts to approximately $10,203.36 annually.
However, the comparison between average benefits at different ages does not represent the exact increase one individual would receive by delaying. The figures reflect different groups of retirees with different earnings histories.
The decision also involves a trade-off. Someone who delays benefits receives fewer payments during the early years of retirement but may receive a larger monthly amount for the remainder of their life.
A person’s health, financial resources, employment plans, and expected longevity can all influence whether waiting makes sense.
Planning
Social Security was designed to replace only a portion of a worker’s pre-retirement earnings. For many households, benefits provide an important foundation but are not sufficient to cover all retirement expenses.
Savings, pensions, investment income, and other resources may be needed to supplement monthly payments.
A 3.6% cost-of-living adjustment (COLA) is expected to take effect in 2027, according to the figures provided. Such adjustments are intended to help benefits maintain purchasing power as prices change.
For someone receiving the average age-62 benefit of $1,424.40, a 3.6% increase would add approximately $51.28 per month, assuming the adjustment applies to that benefit amount.
However, the actual increase depends on the individual’s benefit and applicable adjustment.
Longevity is another important consideration. Based on the life expectancy estimates provided, men reaching age 65 are expected to live approximately 18 additional years, while women are expected to live approximately 21 additional years.
These are population averages, not predictions for an individual. Nevertheless, they illustrate why the age at which someone claims benefits can have a meaningful effect on retirement income over time.
Couples
Married couples face additional considerations because one person’s claiming decision can affect the financial security of the other.
A spouse may qualify for benefits based on their partner’s work record. However, a spouse generally cannot receive a spousal retirement benefit on that record until the worker has filed for their own retirement benefits.
The timing of a claim can also affect survivor benefits.
A surviving spouse may qualify for up to 100% of the deceased worker’s benefit, subject to eligibility rules and the survivor’s claiming age. A worker who delays retirement benefits may therefore provide a larger potential survivor benefit.
This can be particularly important when one spouse has substantially higher lifetime earnings than the other.
Couples should consider both their individual retirement income and the potential financial needs of the surviving spouse. A decision that provides more income to one person in the short term may have implications for the household over a longer period.
The SSA’s information on survivor benefits explains the eligibility requirements and payment rules.
Choosing when to claim Social Security is ultimately a personal financial decision. Age 62 offers the advantage of earlier payments, while delaying can provide a larger monthly benefit. Reviewing individual estimates, household income, health, and retirement savings can help determine which approach is appropriate.
