What’s the average social security benefit at age 62?

Once you become eligible to claim Social Security benefits, you can start receiving a monthly benefits check from Social Security. Generally, the amount of benefits you receive is based on your lifetime earnings in a job in which you paid Social Security taxes. A higher income will translate to higher benefits, but the benefits you are eligible to receive may be affected by other factors.

In 2023, the average Social Security retirement benefit at age 62 is $1278.90, which translates to $15,346.80 a year. If you were born after 1960, your benefits will be reduced by up to 30% if you claim benefits at age 62. However, if delay claiming benefits until the full retirement age (FRA), you will receive the full benefits.

Average Social Security benefits

For 2023, the average Social Security retirement benefit is $1,827 per month, which translates to $21,924 a year. Generally, the amount of benefits you receive varies based on your years of service in a covered job and the amount you earned during your lifetime.

Social Security calculates retirement benefits based on a worker’s 35-highest earning years, adjusted for inflation. If you worked longer than 35 years, Social Security will drop the low-earning years, which can boost your average earnings. In contrast, if you worked less than 35 years, you will have zeros averaged in the benefits calculation, which can reduce your benefits.

Average Social Security benefits by age

The amount of Social Security benefits you receive depends on the age when you claim benefits. You can claim benefits starting from age 62, at the full retirement age, or wait until age 70.

Age 62

If you were born after 1960 and claim benefits when you turn 62, you will receive 70% of the full benefits you would have received if you waited until the FRA. In 2023, the average Social Security benefit for a 62-year-old retiree is $1,278.90, which translates to $15,346.80. If a worker decides to wait longer to claim benefits, they will receive a higher benefit.

Age 66-67

Depending on your year of birth, the FRA ranges from 66 to 67. If you were born after 1960, you will receive 100% of the full benefits you are eligible to receive. For 2023, the average Social Security benefit at age 67 is $1,827, which adds up to $21,924 a year.

Age 70

If you don't need the monthly checks immediately after attaining the FRA, you can wait until age 70 to claim benefits. The benefits will increase by 8% annually to 124% or 132% if your FRA is 67 or 66 respectively. For 2022, the average Social Security benefit at age 70 is $2,265.48 (if your FRA is 67), or $2,411.64 (if your FRA is 66).

Can you collect Social Security at 62 and still work?

You can claim Social Security benefits at age 62 and still continue working. However, financial advisers recommend waiting as long as possible to collect Social Security so that the money can keep growing.

If you receive benefits before reaching the full retirement age, your benefits will be reduced if your earnings exceed the Social Security income limits. Social Security will deduct $1 for every $2 earned above the annual limit. For 2023, the Social Security income limit is $21,240.

In the year you attain the FRA, Social Security will reduce your benefits by $1 for every $3 in earnings above a different limit, but only for the months before you reach your FRA. If you reach the FRA in 2023, the limit on earnings is $56,520. However, starting the month you attain the FRA, Social Security will not deduct your earnings, since the income limits will no longer apply.

If the additional earnings are higher than any of your 35-highest years of earnings, Social Security will review your earnings record to recalculate your benefits. If there is an increase in benefits, Social Security will mail you a letter informing you about the new benefit amount.

How to increase your Social Security benefits

If you paid into the Social Security System, there are several strategies you can use to boost your earnings:

Delay claiming benefits

Social Security allows eligible workers to claim retirement benefits starting from age 62, but doing so can reduce your monthly benefits. If you choose to start receiving benefits early, you will miss out on up to 30% of your monthly checks that you would have received if you waited until the FRA.

If you claim benefits at the FRA, you will receive 100% of your full benefit. If you delay claiming benefits further after the FRA, your benefits will increase by 8% annually until age 70.

Suspend benefits

If you have been receiving benefits for less than a year, you can suspend taking benefits and pay back all the benefits you have received. You can suspend taking benefits if you go back to employment post-retirement or receive huge inheritance money, and you can afford to half the benefits until a future date. When you claim benefits later, your monthly checks will be higher than the amount you received before you suspended the benefits.

Watch out for the income limit if you are still working

If you claim benefits early and you are still working, part of your benefits may be withheld. Social Security will withhold $1 for every $2 earned if your earnings exceed the annual income limit. For 2023, the income limit is $21, 240.

Once you attain the FRA, the income limit will no longer apply. Social Security will recalculate your benefits to give you credit for increased earnings and withheld benefits. 

Claim spousal benefits

If you are married, you can claim benefits on your spouse's record. The spousal benefit is about half of your spouse’s retirement benefit amount, depending on when the spouse retired. If the spouse started receiving benefits before the FRA, you will receive a reduced benefit.

If you are divorced, and the marriage lasted 10 or more years, you can claim benefits based on your ex-spouse's record. However, if you have since remarried, you won't be eligible to claim benefits on your ex-spouse's record.