what is the average social security benefit at age 62

what is the average social security benefit at age 62

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According to the Social Security Administration, the average Social Security check for all recipients as of June 2023 is $1,701.62 per month. However, the amount can differ drastically depending on the type of recipient. Retirees typically make more than the overall average, with the average retired worker receiving $1,837.29 each month.

For those who claim Social Security benefits at age 62, the average payout as of December 2022 was $1,274.87 per month, or about $15,298 on an annualized basis. However, this amount can vary depending on factors such as work history, earnings history, full retirement age, and claiming age.

Its important to note that claiming Social Security benefits at age 62 results in a reduced monthly benefit. For example, if your full retirement age is 66 and you retire at age 62, your benefit amount will be 25% lower.

Therefore, the average Social Security benefit at age 62 is $1,274.87 per month, according to the Social Security Administration.

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