Impact of Early Social Security Claiming at Age 62 on Monthly Benefits
Claiming Social Security benefits at age 62 can significantly reduce monthly payments by up to 30% compared to waiting until the full retirement age of 67. As of December 2024, the average benefit for 62-year-olds was approximately $1,342 per month, which increased to about $1,380 per month after the 2026 cost-of-living adjustment (COLA). In contrast, the average benefit for those who waited until full retirement age was about $1,975 per month, rising to $2,030 with the COLA. The decision to claim early can lead to a smaller lifetime benefit, although it may be advantageous for individuals with shorter life expectancies or those who need immediate income. 
