How Much Social Security at 62? Enter Your Full-Age Benefit
Multiply your full-retirement-age benefit by 70% if you were born in 1960 or later. The cut is 5/9 of 1% for each of the first 36 months before full retirement age and 5/12 of 1% for each month beyond that — 60 months in all when full retirement age is 67. (SSA: benefit reduction for early retirement)
| Full-retirement-age benefit | At 62 | At 67 | At 70 |
|---|---|---|---|
| $1,500 | $1,050 | $1,500 | $1,860 |
| $2,000 | $1,400 | $2,000 | $2,480 |
| $2,500 | $1,750 | $2,500 | $3,100 |
For comparison, the average retired worker gets $2,170 a month after the 3.6% raise for 2027 (SSA 2027 fact sheet).
Social Security at 62 vs 67: The Monthly and Lifetime Gap
On a $2,000 full benefit, 62 pays $600 a month less than 67, but starts 60 months sooner. The person who waits catches up at about 78 years and 8 months; live past that and waiting wins every month after. By 85, waiting has paid about $45,600 more.
| Start at | Monthly | Paid by age 85 |
|---|---|---|
| 62 | $1,400 | $386,400 |
| 67 | $2,000 | $432,000 |
Working while you collect changes the math. Before full retirement age, Social Security holds back $1 for every $2 you earn above $25,560 in 2027 (SSA: earnings test). Check yours on the earnings test calculator.
Our take: 62 is right more often than you'd think — for some people
Claiming at 62 makes sense if you're single and in poor health, or if the checks keep you out of high-interest debt. It's usually wrong for the higher earner in a marriage, because that check becomes the survivor benefit. If your spouse has a smaller record, run the spousal benefits calculator too, then test every age on the Social Security break-even calculator. Ready to file? See when to apply for Social Security.