You can start receiving your Social Security retirement benefits as early as age 62. However, your benefit amount will be cut. That’s because you are collecting benefits earlier than your full retirement age (FRA). In this post, we will review what it means to collect Social Security at age 62, including the maximum social security benefit at age 62 and how that compares to the benefit amount at your FRA.
Table of Contents:
- What Is Social Security Full Retirement Age?
- What is the Average Retirement Age in the U.S.?
- How much Social Security will I get if I retire at age 62?
- What is the maximum Social Security benefit at age 62?
- What is the Average Social Security Benefits Amount in 2022?
- Can you collect Social Security at 62 and still work?
What Is Social Security Full Retirement Age?
Full retirement age, or FRA, is the age when you are entitled to 100 percent of your Social Security benefits.
Depending on the year you were more, your Social Security full retirement age is between age 65 and 67.
Claiming Social Security benefits before the full retirement age will lower your monthly payments.
You can increase your retirement benefits by waiting past your FRA to retire.
What is the Average Retirement Age in the U.S.?
According to CNBC, in 2000, the average age at which people retired was roughly 61 or 62.
However, in 2020, two decades later, it’s around 66.
This means that people are working longer and retiring later, closer to their Social Security Full Retirement Age.
How much Social Security will I get if I retire at age 62?
You can start receiving your Social Security retirement benefits as early as age 62.
However, receiving benefits before your full retirement age will means you will permanently receive a lower benefit amount, compared to what you would have received if you waited to start collecting benefits at your full retirement age.
Social Security at Age 62
The table below shows the effect of early retirement on Social Security benefits for both a retired worker and his/her spouse if they start collecting benefits at age 62.
For this illustration, a Social Security benefit amount of $1,000 at Full Retirement is used.
| Year of birth a |
Normal (or full) retirement age |
Number of reduction months b |
Primary | Spouse | ||
|---|---|---|---|---|---|---|
| Amount | Percent reduction c |
Amount | Percent reduction d |
|||
| 1937 or earlier | 65 | 36 | $800 | 20.00% | $375 | 25.00% |
| 1938 | 65 and 2 months | 38 | 791 | 20.83% | 370 | 25.83% |
| 1939 | 65 and 4 months | 40 | 783 | 21.67% | 366 | 26.67% |
| 1940 | 65 and 6 months | 42 | 775 | 22.50% | 362 | 27.50% |
| 1941 | 65 and 8 months | 44 | 766 | 23.33% | 358 | 28.33% |
| 1942 | 65 and 10 months | 46 | 758 | 24.17% | 354 | 29.17% |
| 1943-1954 | 66 | 48 | 750 | 25.00% | 350 | 30.00% |
| 1955 | 66 and 2 months | 50 | 741 | 25.83% | 345 | 30.83% |
| 1956 | 66 and 4 months | 52 | 733 | 26.67% | 341 | 31.67% |
| 1957 | 66 and 6 months | 54 | 725 | 27.50% | 337 | 32.50% |
| 1958 | 66 and 8 months | 56 | 716 | 28.33% | 333 | 33.33% |
| 1959 | 66 and 10 months | 58 | 708 | 29.17% | 329 | 34.17% |
| 1960 and later | 67 | 60 | 700 | 30.00% | 325 | 35.00% |
As you can see from the table above, depending on the year you were born, you’ll receive between 20 and 30 percent less per month if you collect Social Security benefits at age 62 than if you wait until full retirement age to begin collecting benefits.
Additionally, if you are claiming benefits as a spouse, you’ll receive between 25 and 35 percent less per month if you collect Social Security benefits at age 62 than if you wait until full retirement age to begin collecting benefits.
What is the maximum Social Security benefit at age 62?
What is the highest Social Security check you can collect if you start receiving benefits at age 62?
In 2022, if you start collecting social security at age 62, the maximum Social Security benefit you can receive is $2,364.
However, if you retire at full retirement age in 2022, your maximum benefit would be $3,345.
Also, If you retire at age 70 in 2022, your maximum benefit would be $4,194.
What is the Average Social Security Benefits Amount in 2022?
The average Social Security retirement benefit amount for 2022 is $1,665.18 a month.
The maximum benefit is $3,345 a month for someone who files for Social Security in 2022 at full retirement age (FRA).
Here’s how the figures break down by recipient, as of March 2022.
| Type of beneficiary | Percent of total payouts | Average monthly benefit |
|---|---|---|
| All recipients | 100% | $1,536.94 |
| Retirement benefits | 77.0% | $1,618.29 |
| Retired workers | 72.7% | $1,665.18 |
| Survivor benefits | 9.0% | $1,325.68 |
| Nondisabled widow(er)s | 5.4% | $1,559.42 |
| Disability insurance | 14.0% | $1,224.53 |
| Disabled workers | 12.0% | $1,360.16 |
Can you collect Social Security at 62 and still work?
Yes. You can work while you receive Social Security retirement or survivors benefits.
However, if you collect benefits before your full retirnement age, and you earn more than a yearly limit, Social Security may reduce your benefit amount.
If you are under full retirement age for the entire year, Social Security will deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2022, that limit is $19,560.
In the year you reach full retirement age, Social Security will deduct $1 in benefits for every $3 you earn above a different limit.
In 2022, this limit on your earnings is $51,960.
They will only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.
Maximum Social Security benefit at age 62 Summary
Here’s the bottom line:
Claiming Social Security at 62 in 2022 mean you will receive less than you would have if you waited until your full retirement age (FRA).
In 2022, if you start collecting Social Security at 62, the maximum benefit you can receive is $2,364.
This is compared with a maximum benefit of $3,345 at full retirement age.
Questions?
If you still have questions, you should leave a comment below.
However, what may be an even greater help is to join our FREE Facebook members group about Making Sense of Social Security Benefits.
It’s a very active group with some really smart people who love to answer any questions you may have about Social Security Benefits.
Also, from time to time, our team of editors drop in to contribute and answer questions.
Finally, be sure to check out our other articles about Social Security and Disability Benefits, including:
