Social Security’s earliest claiming age remains one of its most popular, and it’s easy to understand why. The earlier you claim, the more checks you receive. But claiming early also reduces the size of your monthly benefit by up to 30%.
This doesn’t mean it’s always the wrong choice, but it’s definitely something to weigh when deciding when to start claiming benefits. Here’s a closer look at how the average 62-year-old’s check stacks up to the average benefits at later claiming ages.
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The average Social Security benefit overall was $1,905.31 per month in 2023. But it’s larger today thanks to cost-of-living adjustments (COLAs). Benefits increased 3.2% in 2024, which would raise the average benefit to $1,966.28. Checks are set to rise another 2.5% in 2025, which would put this average around $2,015.44.
But those who claimed at 62 receive far less. Their average monthly benefit in 2023 was just $1,298.26. Factoring in the 2024 COLA brings it to $1,339.80. And the 2.5% COLA for 2025 will make it about $1,373.30.
Average monthly benefits slowly creep up along with the beneficiary’s claiming age. Those in the 70 to 74 age group currently take home the largest average benefit of $2,021.81 in 2023 dollars ($2,086.51 in 2024, $2,138.67 in 2025).
This makes sense when you consider how the government calculates Social Security benefits. You qualify for your scheduled benefit at your full retirement age (FRA). This is 66 to 67 for today’s workers. Claiming early reduces the size of the check, while delaying increases it. The rate of increase also goes up the longer you wait to apply, as shown in the table below:
Benefits Increase by:
Full Retirement Age (FRA) of 66
Full Retirement Age (FRA) of 67
5/12 of 1% per month (5% per year)
From 62 to 63
From 62 to 64
5/9 of 1% per month (6.67% per year)
From 63 to 66
From 64 to 67
2/3 of 1% per month (8% per year)
From 66 to 70
From 67 to 70
Source: Social Security Administration.
Waiting until 70 nets your largest possible Social Security check, but that has its drawbacks, too. You’ll receive a lot fewer checks, and that might be less appealing to you than receiving more checks, but smaller ones.
There are a few key factors to weigh when deciding whether you should claim at 62 or wait. The first is your health. Delaying benefits may not be advantageous if you don’t expect to live long.
In this case, you may prefer to sign up early so you can claim as many checks as possible. But you should note that when you apply early, you permanently reduce any survivors benefits available to your spouse and dependents after you’re gone. If you don’t need the money to cover your expenses today, not claiming at all may be the better bet.
Another reason you may want to claim Social Security early is if you don’t have enough other sources of retirement income. If delaying could only potentially put you into debt, claiming early is the wiser play.
Lastly, for married couples with a significant income disparity throughout their careers, it sometimes makes sense for the lower earner to claim Social Security at 62. That benefit can help higher-earning spouses delay Social Security until being qualified for larger checks. Then, lower earners can switch to a spousal benefit if it’s worth more than what they’re currently receiving.
Having a tentative idea of when you plan to claim Social Security, whether that’s at 62 or later, can help you better estimate how much you’ll need to save for retirement on your own. But don’t feel like your decision is set in stone. Review your plans periodically and adapt as needed to steer yourself toward the retirement you want.
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