You’ve probably seen the countdown on your Social Security statement. That little line of text tells you that at age 62, you can finally grab the money you’ve been paying into the system for decades. It feels like a finish line. But then you look at the actual dollar amount, and honestly, it’s usually a bit of a gut punch.
The average social security payout at 62 is a lot lower than people expect. As we head into 2026, the numbers are shifting slightly thanks to inflation adjustments, but the core reality remains the same: if you claim early, you’re taking a massive, permanent haircut on your monthly income.
How much are we talking about? Let's get into the weeds.
What Is the Average Social Security Payout at 62 Right Now?
If you look at the latest data from the Social Security Administration (SSA) for the start of 2026, the average social security payout at 62 for a retired worker is roughly $1,377 to $1,450 per month.
That’s it.
Compare that to the overall average for all retirees, which is pushing past $2,071 this year. There is a massive gap here. Why? Because the system is designed to reward patience and penalize early birds. When you file at 62, you aren't just getting the money sooner; you are agreeing to a reduced check for the rest of your life.
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For someone born in 1960 or later, your Full Retirement Age (FRA) is 67. If you jump the gun at 62, the SSA slashes your benefit by 30%.
Think about that for a second. Thirty percent. Gone. Every single month. Forever.
The 2026 COLA Factor
It is worth noting that the 2026 Cost-of-Living Adjustment (COLA) came in at 2.8%. While that adds about $56 to the overall average retiree check, those claiming at 62 see a smaller absolute increase because their base benefit is already so low. If your check is $1,400, a 2.8% raise only nets you an extra $39. Inflation is a beast, and these small bumps often get eaten up by rising Medicare Part B premiums, which are hitting **$202.90** a month in 2026.
Why the Payout Is So Small (and Who Gets the Max)
Most people assume that if they worked hard and earned a good salary, they’ll get a huge check even at 62. Not quite.
To get a big payout at 62, you’d have to be a very high earner for at least 35 years. The maximum possible benefit at 62 in 2026 is $2,969. But to see that kind of money, you would have needed to earn the "taxable maximum" (which is $184,500 in 2026) for nearly your entire career.
Most of us aren't in that bracket.
The average person has gaps in their work history. Maybe you stayed home with kids. Maybe you had a year of unemployment. The SSA looks at your top 35 years. If you only have 30 years of work, they fill those five empty spots with zeros. That drags the average down fast.
The Math Behind the 30% Haircut
Let’s use a real-world scenario. Imagine your "Primary Insurance Amount" (what you'd get at age 67) is $2,116.
If you wait until 67: You get $2,116.
If you claim at 62: You get $1,481.
That’s a difference of $635 every month. Over twenty years of retirement, that is **$152,400** left on the table. It’s a steep price for five years of early freedom.
When Taking the Average Social Security Payout at 62 Actually Makes Sense
Despite the scary math, 62 is still the most popular age to claim. People aren't necessarily being reckless; sometimes, life just happens.
Health and Longevity
If your health is failing or your family history suggests you might not make it to 90, claiming early is often the "smarter" math. You have to live until roughly age 78 to 80 to "break even" on the money you passed up by waiting until 67. If you don't think you’ll hit that milestone, take the money and run.
The "Bridge" Strategy
I’ve talked to folks who lost their jobs at 61 and simply can't find another one. In that case, Social Security at 62 isn't a choice; it's a lifeline. It keeps the lights on while you figure out the next chapter.
Forced Retirement
A lot of people plan to work until 70, but their bodies or their bosses have other ideas. According to various AARP surveys, a huge chunk of retirees leave the workforce earlier than they intended due to health issues or caregiving responsibilities. In these cases, the average social security payout at 62 is better than zero income.
The Danger of the Earnings Test
Here is a trap a lot of people fall into. They think, "I’ll take my Social Security at 62, but I’ll keep working part-time."
Watch out.
If you are under your full retirement age, the SSA has an "earnings test." For 2026, the limit is $24,480. If you earn more than that, the government will claw back $1 for every $2 you earn over the limit. Basically, they withhold your benefits until they’ve made up the difference.
They eventually give it back when you reach full retirement age by recalculating your monthly check upward, but in the short term, it can wreck your cash flow.
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Actionable Steps to Improve Your Payout
If you are looking at these numbers and feeling a bit worried, you aren't stuck. There are ways to move the needle even if you are close to the finish line.
- Check your Social Security Statement now. Go to ssa.gov and create a "my Social Security" account. Check for errors. If a year of income is missing or wrong, your benefit will be lower than it should be.
- Work one more year. Because the SSA uses your top 35 years, working one extra year at your current (likely higher) salary can replace a low-earning year from your 20s.
- Coordinate with your spouse. If one spouse has a much higher benefit, it might make sense for the lower earner to claim at 62 while the higher earner waits until 70. This maximizes the survivor benefit for whoever lives longer.
- Factor in Medicare. Remember that Medicare doesn't start until 65. If you retire at 62 and take Social Security, you need a plan to cover health insurance for three years. Those premiums can easily cost more than your entire Social Security check.
The average social security payout at 62 is a safety net, but it's a small one. It’s meant to be one "leg" of a three-legged stool—the other two being your personal savings and perhaps a pension or part-time work. Relying on it alone is a tough road, but with the right timing, it can still be part of a solid plan.