Average Social Security Benefit at Age 62: Key Facts & Figures Revealed
Average Social Security Benefit at Age 62
Is this enough for retirement? You can start collecting Social Security benefits as early as 62. But you won't be eligible for your full benefit until you reach full retirement age, which is 67 for anyone born in 1960 or later.
Breakdown of Average Benefits
- Men received an average monthly benefit of $1,439, or $17,268 annually.
- Women received an average monthly benefit of $1,167, or $14,004 annually.
- After cost-of-living adjustments, the average 62-year-old would receive a monthly benefit of $1,339, or $16,068 annually.
These amounts are significantly lower if you claim at 62 compared to full retirement age.
Maximum Benefit at 62
The maximum monthly Social Security benefit for someone retiring at 62 was $2,710 as of January 2024. However, it's subject to work history and taxable earnings.
Reversing Early Claiming Decision
- If you regret starting benefits early, limited options exist. You can withdraw your claim within 12 months, but repayment is required.
- Alternatively, you can suspend benefits until age 70 to earn delayed retirement credits.
The key takeaway: Consider the implications of early Social Security claiming carefully to optimize your retirement finances.
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.