What Is the Average Social Security Benefit at Age 62?

The amount of your retirement benefits depends on how much you've earned at jobs for 

The amount of your retirement benefits depends on how much you've earned at jobs for 

As age 62, but you'll only receive your full benefit amount if you wait until you reach full retirement age.

If you were born between 1943 and 1954, your full retirement age is 66, according to 

The Social Security Administration (SSA). A hypothetical $1000 retirement benefit would be reduced by 25% 

if you claimed at 62, so you would only receive $750 per month. The spousal benefit would be reduced from $500 to $350 per month.

Generally, the greater the gap between age 62 and FRA, the greater the reduction in retirement benefits.

Retirement benefits for those born in 1960 or later are reduced by 30% and spousal benefits by 35%.   

In other words, a monthly retirement benefit of $1000 would be reduced to $700.

As reported in the SSA's 2021 Annual Statistical Supplement, the monthly benefit amount 

For retired workers claiming benefits at 62 earning the average wage is $1,480 per month. 

At age 62, workers with spouses claiming benefits received $2,170 in benefits.

The amount of your retirement benefits will be significantly reduced if you claim before FRA.

Your monthly benefit will increase if you delay your benefits until after FRA, according to the SSA.

Swipe Up to Read More Stories

Swipe Up