Here's the Average Social Security Benefit at Ages 62 and 67

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Regardless of whether you've already retired or are just starting your career, there's a good chance you'll need the money you receive from Social Security to cover your living expenses in retirement.

Between 80 and 90 out of 100 retirees use their monthly Social Security payments to cover some or all of their expenses. Similarly, 76 out of 100 non-retirees expect to rely on their future Social Security income to take care of their expenses when they retire.

Essentially, maximizing Social Security benefits is crucial to the financial stability of our aging workforce.

This can adjust the amount of payout, swinging it anywhere from an early claim (age 62) to a more balanced approach (age 67).

Your monthly Social Security check is based on four main factors:

In nine states, the variables used by the Social Security Administration (SSA) to calculate your monthly benefits are straightforward and simple to understand. These four criteria are your:

1. Work history
2. Earnings history
3. Full retirement age
4. Claiming age

The first two factors are closely tied together, similar to two sides of a coin. When the SSA calculates your monthly Social Security benefit, it considers your 35 most lucrative, inflation-adjusted years. Please note that "most lucrative" includes your wages and salary, but not investment income.

This calculation also aims to penalize individuals who don't have at least 35 years of work history. For each year less than 35 worked, the SSA will calculate an average of zero. Whether you've earned a high or low income in each year, lacking 35 years of work won't allow you to achieve the maximum Social Security benefit.

And represents the age at which you become eligible to receive 100% of your full retired-worker benefit.

For each year an eligible employee waits to claim their retirement benefit, starting from age 62 and going through age 69, their payout can increase by up to 8%. This can be visualized in the following table.

Birth Year	Age 62	Age 63	Age 64	Age 65	Age 66	Age 67	Age 68	Age 69	Age 70
1943-1954	75%	80%	86.7%	93.3%	100%	108%	116%	124%	132%
1955	74.2%	79.2%	85.6%	92.2%	98.9%	106.7%	114.7%	122.7%	130.7%
1956	73.3%	78.3%	84.4%	91.1%	97.8%	105.3%	113.3%	121.3%	129.3%
1957	72.5%	77.5%	83.3%	90%	96.7%	104%	112%	120%	128%
1958	71.7%	76.7%	82.2%	88.9%	95.6%	102.7%	110.7%	118.7%	126.7%
1959	70.8%	75.8%	81.1%	87.8%	94.4%	101.3%	109.3%	117.3%	125.3%
1960 or later	70%	75%	80%	86.7%	93.3%	100%	108%	116%	124%

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What are the average Social Security benefits at ages 62 and 67?

Every age within the age range of 62 to 70 has its own pros and cons, but ages 62 and 67 are likely to be the most popular choices moving forward in this process.

Let's take a brief look at the benefits and drawbacks of claiming at these two ages, and examine their average payments.

At 19 years old, I am making some great choices.

Some people are concerned about the age 62 Social Security claim due to predictions that the Old-Age and Survivor's Insurance Trust Fund will run out of money by 2033. This trust fund manages the benefits for retired workers and their survivors.

An early claim could be considered a tactic to beat the system out of a potential payout decrease.

On the other hand, claiming Social Security benefits at age 62 requires accepting a permanent reduction of up to 25% to 30% in your monthly payout, depending on your birth year.

This is commonly referred to as the "deemed filing" rule, "deeming" in this case means that the SSA assumes you've filed a modified adjusted gross income tax return, and it allows the SSA to withhold some or all of your benefit if you earn above certain income thresholds.

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Workers born in 1960 or later, who make up the majority of today's workforce, will need to wait until they are 67 years old to receive their full Social Security benefits. If you wait five years after first becoming eligible for benefits before claiming them, you will get your full monthly amount, which is 100%.

People who are 67 or older don't have to deal with the retirement earnings test, which stops applying once they reach their full retirement age.

The potential drawback of starting to collect benefits at age 67 can be seen in scenarios where you live well beyond your 80s. In this case, you will likely have foregone a substantial amount of Social Security income over your lifetime, compared to delaying your claim even further.

With a clearer understanding of the benefits and drawbacks of starting to collect benefits at these two ages, let's take a look at what the average Social Security benefit is at 62 and 67.

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With the exception of claimants 62, those filing at 67 received about 45% more money each month than those who filed earlier.

Statistically, there's an age that's often referred to as "best."

Based on this information, you might be wondering if waiting to receive your Social Security benefits is the smart decision. To be frank, the answer depends on many different factors.

Factors to consider when moving to the US, including job market, cost of living, climate, culture, healthcare system, and more, can help you make an informed decision.

benefits collected.

What researchers discovered was that fewer than one in twenty of the 20,000 retired workers studied - only 4% - were maximizing the full benefits of America's premier retirement program.

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For 57% of the retired workers studied by United Income, age 67 had the second-highest likelihood to maximize lifetime benefit collection, although it fell behind age 70 by a wide margin.

Once again, these findings don't necessarily mean that waiting will maximize the benefits you get from Social Security. For example, if you have one or more chronic health conditions that can shorten your lifespan, filing for benefits earlier might be a smart move.

Before hastily rushing to collect their Social Security payment.

Most retirees overlook a significant Social Security benefit.

To learn more about these techniques, click here.

View the Social Security benefits secrets

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