From The Motley Fool · Kailey Hagen, CFP® · · 1m
Average Social Security Benefit at 62
Social Security checks at age 62 average $1,424.40 monthly, 30% less than full retirement age.
In brief
Social Security checks at age 62 average $1,424.40 monthly, 30% less than full retirement age. People age 62 receive Social Security benefits averaging $1,424.40 monthly, 30% below full retirement age. Originally reported by The Motley Fool.
Average Benefit at 62
The typical Social Security benefit for people age 62 is $1,424.40 per month.
Gender Gap in Benefits
Men receive $1,572.83 monthly versus women's $1,285.50, a $287.33 difference.
Full Retirement Age
Full retirement age ranges from 66 to 67, with 67 for those born in 1960 or later.
Trade-Off of Early Claiming
Claiming at 62 reduces monthly checks by 30% but increases lifetime benefits by $10,203.36 annually.
Cost of Living Adjustment
A 3.6% cost-of-living adjustment will take effect in 2027, adding $51 monthly to benefits.
When Early Claiming Makes Sense
Early claiming suits those with health issues, family obligations, or short life expectancies.
The essence
People age 62 receive Social Security benefits averaging $1,424.40 monthly, 30% below full retirement age.
