What is the average Social Security check for Americans at age 62?

Since 1940, America’s Social Security Administration (SSA) has sent monthly benefits to working people already in retirement. Currently, people born after 1960 must wait until age 67 to reach full retirement age in the United States and receive the maximum benefit. But there are also cases in which workers can retire at age 62.

In October 2022, SSA announced an increase in the cost of living adjustment (COLA) to 8.7% for 2023. Payments for retired workers are higher in 2023, including for beneficiaries retiring at 62 years.

But if you’re in this situation and don’t know what the average Social Security check is for Americans living in the US at age 62, here’s what you need to know.

What is the average Social Security check for Americans at age 62?

Thanks to the 8.7% COLA increase, the average payments for all retirees have increased. Thus, US retirees enrolled in the Social Security program are around $1,827, according to the SSA. But if we stop at seniority payments, the size of the average check can change.

But it’s not just age that counts when receiving a Social Security check. There are other benefits that are determined by other factors, such as income. That is why the payments of retirees of all ages are calculated independently.

This means that a worker can receive Social Security benefits starting at age 62, but if they choose to receive these checks before full retirement age, they will be reduced.

As the SSA explains, a beneficiary whose full retirement age is 67 will receive 30% less if they retire at age 62. For example, a $1,000 check for retirees at full retirement age, ie 67, will receive a $700 check per month if they decide to retire at age 62.

The median payment at age 62, according to SSA, is $1,700 thanks to last year’s COLA increase. The maximum benefit at age 62 is $2,572 per month.