Here is the average Social Security check at age 62 — is it enough for you to collect retirement benefits early?

Few things in retirement are as pivotal as deciding when to start collecting Social Security benefits. If you’re considering joining the nearly 600,000 retired workers who currently collect benefits at the earliest age, 62, you may want to know exactly what you’re getting into first.

According to data from the Social Security Administration, as of the end of last year, those beneficiaries received an average of $1,298 per month. Compare that to the roughly 2.1 million retired workers at the full retirement age (FRA) of 66, who collected average checks of $1,740 — sobering evidence of the value of delaying your Social Security withdrawals if you can afford it.

Is the average benefit at 62 enough?

Many retirees are keen to access Social Security funds after paying into the program their entire careers through the payroll tax. Social Security, however, rewards delayed gratification. The age at which you start collecting retirement benefits has a significant impact on the amount you receive. Here’s a breakdown:

Claiming at 62: If you claim benefits at age 62, your monthly check is reduced by up to 30% compared to what you would receive at your full retirement age. This reduction is permanent.

Claiming at FRA: If you wait until your full retirement age — 67 for people who turn 62 in 2024 — you’ll receive 100% of your calculated benefit based on your earnings history.