This is the average Social Security benefit for age 62

The age at which you start claiming Social Security will permanently affect your benefit amount, so it’s a decision that needs to be made carefully.

Age 62 is the earliest you can file, and it’s also a popular time to start claiming — about a quarter of retirees take benefits at that age, according to 2022 data from the Social Security Administration .

While filing early can help you get a fresh start in retirement, it will also reduce your monthly payments substantially. Depositing as early as possible will result in a discount of up to 30% compared to what you would receive at full retirement age. Here’s what the average benefit looks like at age 62.

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The average benefit is less than you might think

The average retired worker, regardless of age, collects just over $1,900 a month in benefits, according to the Social Security Administration.

However, those who claim benefits early receive substantially less. According to the most recent data released by the Social Security Administration in December 2023, the average benefit among retired workers age 62 is just $1,298 per month.

Now, that doesn’t necessarily mean claiming at 62 is the wrong move. There are situations where filing early is a fantastic decision, especially if you are retiring early or struggling with health issues. But if you want to maximize your monthly income, deferring benefits might be a better choice.

The longer you wait to claim (until age 70), the more you’ll collect each month. The average benefit at age 70 is about $2,038 per month — $740 more per month than the average at age 62. If the money will be collected in retirement, delaying the claim can make your senior years much more comfortable.

There’s no wrong time to take Social Security, but it’s critical to know how your decision will affect your finances. Claiming at age 62 will reduce your payments, but by planning accordingly, it could still be a strong choice for your retirement.