How Your Social Security Check at Age 62 Compares to Waiting Until 67 or 70

When should you claim Social Security? This question keeps millions of Americans up at night. The truth is, your claiming age dramatically reshapes your financial security during retirement. While you can start collecting as early as 62, the average social security check at that age is significantly lower than if you wait—but the decision isn’t one-size-fits-all.

For most retirees, Social Security represents their largest retirement income source. The Center on Budget and Policy Priorities reports that this program lifts 22.7 million people above poverty each year, with over 16 million being seniors aged 65 and older. Yet 80 to 90% of retirees rely on these monthly payments—making it essential to understand how your claiming decision impacts your lifetime income.

The Four Elements That Shape Your Retirement Payment

Before you decide when to claim, you need to understand what the Social Security Administration (SSA) uses to calculate your monthly payment. The formula isn’t complicated—just four key factors:

Your Work History and Earnings Record form the foundation. The SSA looks at your 35 highest-earning years (adjusted for inflation). Each year you didn’t work counts as zero, dragging down your average. This means every additional working year can boost your eventual benefit.

Your Full Retirement Age is when you become eligible to receive 100% of your benefit. Born in 1960 or later? That’s age 67. This is the only factor you can’t control—it’s determined entirely by your birth year.

Your Claiming Age is where you have complete control. This single decision carries the most weight in determining your lifetime income. It’s why understanding the differences between claiming at 62, 67, or 70 matters so much.

The mechanics are straightforward: wait longer, receive more per month. For every year you delay claiming between 62 and 70, your monthly payment increases by roughly 8%. This compounds significantly over time.

The Numbers: What Retirees Actually Receive at Each Age

According to the SSA, late 2023 data shows real payouts for retired workers:

• Age 62: Average of $1,298 per month
• Age 67: Average of $1,884 per month
• Age 70: Average of $2,038 per month

The jump from age 62 to 70 represents a 57% increase in monthly income. That’s not just a bigger check—that’s $8,940 more annually at age 70 compared to age 62.

But there’s a catch: if you claim early at 62, you’re permanently locked into a reduced rate (typically 30% less than your full retirement age amount). You never fully recover that reduction, even if you live into your 90s.

Why Most People Claim Too Early—And What Research Really Shows

Here’s where it gets interesting. A 2019 study by United Income analyzed 20,000 actual retirement claiming decisions using data from the University of Michigan’s Health and Retirement Study. The researchers asked: Are retirees making optimal choices that maximize their lifetime income?

The answer was stark: only 4% of workers made truly optimal decisions. Even more revealing—when researchers compared actual claiming patterns to what would have been optimal, they found the opposite of reality.

While many retirees rushed to claim at 62, 63, or 64 (seeking immediate cash), only about 8% of those early claims would have actually been optimal for maximizing lifetime benefits. Meanwhile, the analysis showed that 57% of the 20,000 workers studied would have received significantly more lifetime income by waiting until age 70.

Age 67 would have been optimal for roughly 10%—a distant second to age 70’s dominance.

When Claiming at Age 62 Actually Makes Financial Sense

This doesn’t mean age 62 claiming is always wrong. Certain situations justify early collection:

You Have Limited Life Expectancy: Chronic health conditions that reduce your lifespan make early claiming strategically sound. If you’re unlikely to reach your late 80s, taking payments now makes mathematical sense.

You’re a Low-Earning Spouse Supporting a Household: Secondary earners sometimes benefit from claiming earlier to boost immediate household cash flow, especially if their partner delays to maximize their own benefit.

You Face Imminent Retirement: Financial hardship or job loss might leave you no choice. While not optimal for lifetime income, early claiming preserves your household stability.

The System Faces Uncertainty: Social Security faces a projected $22.4 trillion funding shortfall through 2097. By 2033, without changes, benefits could be cut by up to 23%. Some retirees strategically claim early to “lock in” higher benefits before potential reductions.

The Takeaway: Patience Usually Wins

For most Americans, the research is clear: waiting pays off. A 70-year-old receiving $2,038 monthly will accumulate far more lifetime income than a 62-year-old receiving $1,298—even accounting for the years they missed payments by waiting.

But “most” isn’t “all.” Your marital status, health, financial needs, and longevity expectations all factor into the right answer for you personally. The power lies in understanding your options and making an informed choice rather than defaulting to the earliest possible age.

The average social security check at age 62 might look attractive for immediate relief, but the average check at age 70 tells a more compelling story about long-term security.