Average 62-Year-Old Social Security Claimant Received $1,342 a Month in December 2024
Updated
Updated · The Motley Fool · Aug 5
Average 62-Year-Old Social Security Claimant Received $1,342 a Month in December 2024
1 articles · Updated · The Motley Fool · Aug 5
Summary
$1,342 a month was the average Social Security benefit for 62-year-old claimants in December 2024, rising to roughly $1,380 after the 2026 2.8% COLA.
Claiming at 62 cuts checks because benefits are calculated at full retirement age—67 for most workers today—and early filing can reduce monthly payments by up to 30%.
That helps explain the gap with the overall average benefit, which stood near $1,975 in December 2024 and would be about $2,030 after the 2026 adjustment.
Workers weighing an early claim can use a free my Social Security account to see personalized estimates at each claiming age before making a decision that is hard to reverse.