62-year-olds can apply for Social Security retirement benefits. However, they get a reduction of about 30% in most cases warns SSA. Some high earners can receive up to $2,710 in 2024. Thanks to the 2025 COLA increase, retirees will get 2.5% per month.
Although the increase has been announced by Social Security, it will not become effective until January 2025. In fact, the Agency has announced that the largest benefit at 62 will be $2,831.
Who can receive $2,831 from Social Security at 62?
The Social Security Administration has established some rules to get the largest benefits in 2025. The maximum amounts will be $2,831 at 62, $4,018 at Full Retirement Age and $5,108 at 70. Requirements for maximum amounts in 2025 after COLA:
- a worker must file for Social Security (at 62)
- a worker must have earned the taxable maximum for 35 years
- a worker must have had jobs covered by the Administration (paid payroll taxes)
- a worker must have worked for a minimum of 35 years too
If you do not meet all these requirements, you will not be eligible for a check worth $2,831 at 62. Any changes will reduce your payment amount. These requirements can help you increase your future payment amounts even if you do not fully achieve them.
When can 62-year-olds receive a payment of up to $2,831?
SSA’s payment schedule for 2025 has been unveiled. Those who filed over 27 years ago may receive their check or direct deposit on January 3, 2025. This is because they started collecting benefits before May 1997.
However, this payday will be unlikely for high earners. What is more, January 3 is also a payday for retirees who receive an SSI check. Since they have a low income, they will not qualify for $3,831 either.
The paydays for those who can get up to $3,831 will be on January 8, January 15, and January 22. Of course, you must have been born from 1-10, 11-20, or 21-31 respectively. Applying for retirement benefits can be done a few months before the date, so take that into account.
