In the US, turning 62 is a big deal for many people because it’s the age at which they can start getting Social Security retirement payments. People born between 1960 and 1970 have either already crossed that line or are about to do so. This means that they could now apply for this monthly benefit.
As of age 62, the Social Security Administration (SSA) says that any worker who has earned enough points can start getting benefits. But if you decide to quit at that point, you will have to accept a permanent drop in the amount you get each month. Even so, a lot of people who are supposed to get their check want to cash it as soon as possible instead of waiting.
There are clearly more applications from this group, and with that come more questions about how much each person can really get. There are a lot of things that affect the amount, such as how much the person has earned in the past and what age they are when they ask for the benefit.
How much do people who retire at age 62 get?
People who meet the standards and decide to start getting Social Security as soon as they turn 62 will get an average of $2,710 a month in 2025. This number is not set in stone, though. Depending on their income and contribution history, some recipients get a lot less than this amount, while others get a little more.
It is important to know that when you retire at age 62, your monthly payments will go down for good. This amount can be as much as 30% less than what you would get if you waited until age 67, which is the full retirement age for people born after 1960.
Earned income could also temporarily lower benefits if the beneficiary decides to keep working after starting to get the check. This depends on whether or not certain yearly limits set by the SSA are exceeded. In the first few years of collection, this can happen to a lot of people.
People who wait until they are 70 years old to apply for benefits, on the other hand, can get a lot more. The biggest check will be $5,108 a month in 2025. It will only go to people who put off retirement for at least 35 years and made a lot of money.
What if I’m not 62 yet? Am I able to get a Social Security check?
Yes. Even though age-based retirement doesn’t start until age 62, there are other ways to get a monthly Social Security payment before then, as long as certain conditions are met.
For example, people who get Social Security Disability Insurance (SSDI) can start getting monthly payouts a lot earlier than age 62, as long as they meet the medical and work requirements. People who can’t work regularly because of health problems are eligible for this help.
Spouses, ex-spouses, and widows or widowers of workers who have paid into the system can also get monthly payments. Some people can start getting benefits before they turn 62, but the amount will depend on their age and situation.
If you were born between 1960 and 1970 and are now 62 years old, you may be able to start retiring. However, if you are not yet that old, there are still other ways to get a regular check as long as you are in one of the above groups. Your best bet is to check your situation through my Social Security to see what your choices are.