{"id":100260,"date":"2024-12-24T06:22:57","date_gmt":"2024-12-24T11:22:57","guid":{"rendered":"https:\/\/en.econostrum.info\/?p=100260"},"modified":"2024-12-24T06:22:59","modified_gmt":"2024-12-24T11:22:59","slug":"how-much-does-social-security-pay-at-62","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/how-much-does-social-security-pay-at-62\/","title":{"rendered":"How Much Does Social Security Pay at 62? The Numbers That Could Change Your Retirement Plan"},"content":{"rendered":"\n

Social Security<\/strong> offers a critical source of income for retirees<\/strong>, but the timing of when you claim these benefits can make a significant difference in your monthly checks. Claiming early at age 62 <\/strong>is a popular choice, but it comes with trade-offs<\/strong>. Here’s a breakdown of how early claiming affects your benefits and how to make the right decision for your circumstances.<\/p>\n\n\n\n

How Social Security Benefits Vary by Age<\/h2>\n\n\n\n

The average Social Security benefit<\/a><\/strong> for all recipients in 2023 was $1,905.31 per month. This amount increased to $1,966.28 in 2024 due to a cost-of-living adjustment<\/a> (COLA)<\/strong> and is expected to reach $2,015.44 in 2025. However, those who claim benefits at 62 receive less, with an average of $1,298.26 in 2023. Adjusted for COLAs, this increases to $1,373.30 by 2025.<\/p>\n\n\n\n

By contrast, waiting until age 70\u201374 <\/strong>leads to the largest benefits, averaging $2,021.81<\/strong> in 2023 and projected to grow to $2,138.67<\/strong> by 2025. These differences reflect the Social Security Administration’s<\/strong> calculation<\/a> methods, which penalize early claimers and reward those who delay.<\/p>\n\n\n\n

How Benefits Grow Over Time<\/h3>\n\n\n\n
Claiming Age<\/strong><\/th>Annual Benefit Growth<\/strong><\/th><\/tr><\/thead>
From 62 to FRA<\/td>5%\u20136.67%<\/td><\/tr>
From FRA to 70<\/td>8%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

While waiting until 70 ensures the highest monthly check, it also reduces the total number of payments over a lifetime, which may not align with everyone’s financial or health outlook.<\/p>\n\n\n\n

When Claiming Early Makes Sense<\/h2>\n\n\n\n

1. Health and Longevity<\/strong><\/h3>\n\n\n\n

If you have a shorter life expectancy<\/strong>, claiming at 62 allows you to collect more payments in total. However, this also permanently reduces the survivor benefits<\/strong> available to your spouse or dependents.<\/p>\n\n\n\n

2. Immediate Financial Needs<\/strong><\/h3>\n\n\n\n

For those without enough retirement savings<\/strong> or other income sources, early claiming can be a financial lifeline. If delaying benefits could push you into debt, it\u2019s often better to claim early and avoid borrowing.<\/p>\n\n\n\n

3. Marital Strategy<\/strong><\/h3>\n\n\n\n

Married couples can maximize their collective benefits by employing a strategic approach. The lower earner might claim early, enabling the higher earner to delay benefits and qualify for a larger check. The lower earner could then switch to a spousal benefit<\/strong> if it\u2019s higher than their own.<\/p>\n\n\n\n

Is Claiming Early Worth It?<\/h2>\n\n\n\n

The choice of when to claim Social Security ultimately depends on your individual circumstances<\/strong>. While claiming early offers more checks, delaying benefits results in higher monthly payments. Balancing <\/strong>your immediate needs with your long-term financial goals is key.<\/p>\n\n\n\n

For many Americans, small adjustments to their claiming strategy or other retirement plans can lead to significant financial improvements. For example, certain \u201cSocial Security secrets\u201d<\/strong> could unlock additional income and help you retire with greater peace of mind.<\/p>\n\n\n\n

No matter your decision, understanding the trade-offs and reviewing your options can help ensure you make the most of your Social Security benefits.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

At 62, Social Security offers the earliest opportunity to start collecting benefits\u2014but what does that really look like in dollars? While it\u2019s tempting to claim early and receive more checks, the trade-offs might surprise you.<\/p>\n","protected":false},"author":5,"featured_media":100196,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-100260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/posts\/100260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/comments?post=100260"}],"version-history":[{"count":7,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/posts\/100260\/revisions"}],"predecessor-version":[{"id":100267,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/posts\/100260\/revisions\/100267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/media\/100196"}],"wp:attachment":[{"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/media?parent=100260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/categories?post=100260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/tags?post=100260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}