Claiming Social Security benefits is a personal decision that depends on individual circumstances. The earlier one claims, the more checks they receive, but it also reduces the monthly benefit by up to 30%. To understand this better, let’s compare the average monthly benefits for those claiming at 62 versus later ages.
As of 2023, the average Social Security benefit was $1,905.31 per month, increasing to $2,015.44 in 2025 due to cost-of-living adjustments (COLAs). However, individuals who claim at 62 receive significantly less – $1,298.26 per month, which increases to $1,373.30 with the 2024 COLA.
Benefits slowly increase as one’s claiming age advances. Those in the 70-74 age group take home the largest average benefit of $2,021.81 in 2023 dollars.
The Social Security Administration calculates benefits based on a person’s full retirement age (FRA), which ranges from 66 to 67 for today’s workers. Claiming early reduces the monthly check, while delaying increases it, with the rate of increase accelerating as one waits longer to apply.
For some, claiming at 62 may be the best option due to health concerns or a need for immediate financial support. However, this decision permanently reduces survivors benefits available to spouses and dependents after death. Ultimately, weighing personal factors such as health and expenses is crucial when deciding whether to claim Social Security at 62 or wait.
Source: https://finance.yahoo.com/news/heres-much-social-security-benefits-184500920.html