What Is the Average Social Security Benefit at Age 62?

Your full retirement age is 66 if you were born between 1943 and 1954, according to the Social Security Administration (SSA).

A hypothetical $1000 monthly retirement payment would be cut by 25% if you filed a claim at age 62, leaving you with only $750.

A spouse benefit of $500 per month would be cut to $350.

The percentage of retirement benefits reduced increases with the distance between age 62 and FRA.

Retirement benefits are cut by 30% and spousal benefits are reduced by 35% for people born in 1960 or later.

As a result, a monthly retirement benefit of $1000 would become $700.

The monthly benefit amount for retired workers claiming benefits at age 62 and earning the average pay was $1,480 per month for the worker alone, according to the SSA's 2021 Annual Statistical Supplement.

At age 62, the benefit amount for employees with claiming spouses was $2,170.