The Strategies to Maximize Your Social Security Benefit at Age 62 in 2024
What do you have to do to earn the maximum Social Security benefit?
There are three main factors that influence the size of your Social Security checks.
- The number of years you've worked
- Your average monthly income during those years
- Your age at sign-up
The Social Security Administration bases your benefit on your average monthly income, adjusted for inflation, over your 35 highest-earning years, known as your average indexed monthly earnings (AIME).
To get the largest checks, aim to earn the maximum income subject to Social Security taxes in at least 35 years, which is $168,600 or more in 2024.
Your primary insurance amount (PIA) is determined at your full retirement age (FRA) between 66 and 67, reducing if you claim early.
What's the maximum Social Security benefit at 62?
The maximum benefit at 62 is $2,710 per month in 2024, significantly lower than the overall maximum. Learn how to grow this amount by working longer and boosting your income, and the benefits of delaying Social Security.
Delaying increases your checks every month beyond FRA, reaching the maximum benefit at age 70.
Explore the claiming age that suits you best for a higher lifetime benefit.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.