Your payment at 62 depends on your earnings history, not your age alone

The amount you receive from Social Security at 62 is calculated from your average earnings over your 35 highest-earning years. The Social Security Administration (SSA) does not have a single payment amount — yours is tied to what you earned during your working life. If you claim at 62 instead of waiting until your full retirement age (which ranges from 66 to 67 depending on your birth year), your monthly payment will be permanently reduced by roughly 25 to 30 percent.

You can see your estimated payment before you claim by creating an account on ssa.gov and viewing your Social Security Statement. This statement shows what you would receive at 62, at your full retirement age, and at 70. The estimate assumes you continue working at your current pace until you claim. If your earnings change significantly, the estimate will shift.

Key Takeaways

  • Your Social Security payment at 62 is based on your lifetime earnings record, and the SSA calculates it from your 35 highest-earning years.
  • Claiming at 62 reduces your monthly payment by roughly 25 to 30 percent compared to what you would receive at your full retirement age.
  • You can view your personalized estimate on ssa.gov by creating a my Social Security account without contacting anyone.
  • If you have not worked 30 years, your payment will be lower than someone with a full 35-year record, even if your recent earnings are high.
  • Your payment amount locks in when you claim, so the reduction for early claiming is permanent and affects all future payments.

How the SSA calculates your payment amount

The Social Security Administration starts with your earnings record going back to age 22 (or when you first worked, if later). They take your 35 highest-earning years, adjust each year's earnings for inflation using a formula called wage indexing, and calculate your average monthly earnings. This average is called your Primary Insurance Amount (PIA), and it is the foundation of your payment.

The PIA formula uses three "bend points" — dollar thresholds where the percentage of your average earnings that counts toward your benefit changes. In 2024, the bend points are $1,174 and $7,078 (these numbers change each year). The formula replaces 90 percent of your earnings up to the first bend point, 32 percent between the first and second, and 15 percent above the second. This structure means lower earners receive a higher percentage of their earnings as a benefit, while higher earners receive a lower percentage.

If you have not worked 35 years, the SSA counts the missing years as zero. This lowers your average and reduces your payment. You need at least 10 years of work (40 quarters of coverage) to receive any Social Security benefit at all.

The reduction for claiming at 62 instead of your full retirement age

Your full retirement age depends on your birth year. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it ranges from 66 and 2 months to 66 and 10 months. If you were born in 1960 or later, your full retirement age is 67. The SSA website has a table showing the exact age for your birth year.

If you claim at 62, you receive a permanent reduction of roughly 25 to 30 percent of your full retirement age payment. The exact percentage depends on how many months early you claim. Claiming one month early costs you about 0.556 percent of your payment; claiming 60 months early (five years) costs roughly 30 percent. This reduction is permanent — it does not increase when you reach your full retirement age or at any later point.

For example, if your full retirement age payment would be $1,500 per month, claiming at 62 might give you roughly $1,050 to $1,125 per month for life. The difference compounds over time. If you live into your 80s, the total amount you receive by waiting until your full retirement age often exceeds what you would have received by claiming at 62, even though you received fewer payments.

How to find your personalized estimate

The fastest way to see what you would receive at 62 is to create a my Social Security account at ssa.gov. You will need your Social Security number, email address, and a way to verify your identity (usually a phone number or address on file with the SSA). Once you log in, your Social Security Statement shows three estimates: your payment at 62, at your full retirement age, and at 70.

These estimates assume you stop working when you claim. If you plan to work past 62, your estimate may be higher because additional earnings could replace lower-earning years in your record. The SSA updates your statement once per year, usually in September or October, after they process your prior year's earnings.

If you do not have internet access or prefer to speak with someone, you can call the Social Security Administration at 1-800-772-1213 (TTY 1-800-325-0778) to request a paper statement or ask about your estimate. Wait times are typically shorter early in the week and early in the morning.

What happens to your payment if you work after claiming at 62

If you claim Social Security before your full retirement age and continue working, the SSA will withhold $1 of your benefit for every $2 you earn above an annual limit. In 2024, that limit is $23,400, but it changes each year. Once you reach your full retirement age, the earnings limit no longer applies, and you receive your full reduced benefit regardless of how much you work.

The withheld benefits are not lost. When you reach your full retirement age, the SSA recalculates your payment to account for the months they withheld benefits, which slightly increases your payment going forward. This is called a deemed filing adjustment, and it partially offsets the early-claiming reduction.

Factors that change your payment estimate

Your estimate on ssa.gov assumes you will not earn significantly more or less than your recent years. If you expect a major change — a promotion, a job loss, self-employment income, or retirement from one job while starting another — your actual payment may differ from the estimate. Higher earnings in the years before you claim will increase your payment; lower earnings will decrease it.

If you are self-employed, make sure your tax returns accurately report your net earnings. The SSA uses your tax records to update your earnings history, so underreporting reduces your benefit. If you have worked outside the United States, you may have credits from other countries that count toward your benefit under totalization agreements, but you will need to report this to the SSA when you claim.

Government pension offsets can also reduce your payment if you receive a pension from work where you did not pay Social Security taxes (such as some federal, state, or local government jobs). The Windfall Elimination Provision (WEP) reduces your benefit by up to half of your government pension. If you think this applies to you, ask the SSA about it before you claim.

Frequently Asked Questions

Can I see my estimate without creating an online account?

Yes. You can call the Social Security Administration at 1-800-772-1213 and request a paper Social Security Statement, which will be mailed to you. You can also visit a local Social Security office in person, though appointments are recommended. Creating an online account is faster and lets you check your estimate anytime.

Will my payment increase after I turn 70 if I wait to claim?

No. Your payment amount is set when you claim and does not increase based on age alone. However, if you delay claiming past your full retirement age, your payment increases by roughly 8 percent per year until age 70. At 70, the increase stops. This is called delayed retirement credits, and it is the only way to increase your benefit after you reach full retirement age.

What if I was married but am now divorced?

You may be able to receive a benefit based on your ex-spouse's earnings record if you were married for at least 10 years, are at least 62, and are not currently married. This benefit does not reduce your ex-spouse's payment. Your estimate on ssa.gov may not include this option, so contact the SSA directly to ask about it.

Does my payment change if I move to another country?

Your payment continues if you move to most countries, but some countries have restrictions. If you move to Cuba, North Korea, Iran, Syria, or Crimea, your payments will stop. If you move to another country temporarily, your payments continue. Contact the SSA before you move to confirm your specific situation.

How accurate is the estimate on ssa.gov?

The estimate is accurate based on your current earnings record and assumes you will not earn significantly more or less before you claim. If your earnings change, the estimate will update when the SSA processes your tax return. The estimate does not account for changes in Social Security law, though major changes are rare.