The Social Security Administration allows American workers to begin collecting retirement benefits at age 62. However, it is not feasible to include it in their record unless they have earned at least 40 work credits.
40 work credits equals approximately ten years of experience. It will be determined by your wage and the time required to achieve it. To discover the precise amount of your future payment, you must wait for Social Security to confirm it, although you can view average payments.
At the age of 62, you receive Social Security benefits
The Social Security payout at age 62 ranges from $1,300 to $1,400. This is impossible to determine more precisely because the Agency has not released numbers by age for some time.
Still, it provides an estimate of what a retirement benefit payout may be at this age. Keep in mind that, as of October 2024, the average retirement payment for all retired workers is approximately $1,924.
As you can see, there is a significant difference. This is because 62-year-olds receive a discount for filing early. Their benefits have been cut by approximately 30%. As a result, you should file at Full Retirement Age to receive all of your benefits without any cutbacks. Alternatively, you can wait until you are 70 to receive an additional 24%.
Biggest Social Security check at 62
As of 2024, the largest retirement benefit payment is $2,710. This will only last until December 31, 2024. Following that date, the maximum retirement benefit payment will be higher due to the new 2025 COLA increase.
The increase for this maximum amount will be more than COLA. People who apply at age 62 in 2025 and complete all of the requirements may get up to $3,018. An increase of 308 dollars. Social Security requirements to get $2,710 in 2024:
- filing for retirement at 62
- having worked for a minimum of 35 years
- having had jobs covered by SSA
- having earned the taxable maximum for 35 years at least
