![\"Social](\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2026\/05\/f00f53ea311e8c26c8ca4426eed1ca75.jpeg\")
Image source: Getty Images. What’s the average Social Security benefit for 62-year-olds? <\/p>\n
The average 62-year-old Social Security beneficiary received about $1,342 per month as of December 2024. That benefit went out in January 2025, but it didn’t include the latest 2.8% cost-of-living adjustment (COLA)<\/a> for 2026.<\/p>\n If we factor that in, the average monthly benefit for 62-year-olds rises to about $1,380. This gives that typical claimant an annual benefit of $16,560. That’s a good chunk of money, but it’s well below the average retirement benefit of $2,081 per month as of April 2026.<\/p>\n For some people, the extra checks are worth settling for a slightly smaller benefit. But if you would rather not shortchange yourself that much, there is a way you can increase your checks significantly in just a year.<\/p>\n How to add another 5% to your Social Security checks in one year <\/p>\n The reason 62-year-old claimants get so much less than the average Social Security benefit is the early-claiming penalty. This reduces checks for those who claim Social Security before their full retirement age (FRA)<\/a> — 67 for most people today.<\/p>\n You lose 5\/9 of 1% per month for your first 36 months of early claiming and then 5\/12 of 1% per month for every month earlier than that. Or, if we look at it the other way, every month you delay Social Security benefits beyond 62 increases your checks a little. Someone claiming at 62 sees a 30% reduction to what they’d get if they waited until FRA to claim.<\/p>\n If you wait a full year and apply at 63 rather than 62, you would get 75% of your FRA benefit rather than 70%. That would bring the $1,380 estimated average benefit for 62-year-olds to $1,479 per month — a $99 increase. Over 20 years, that could add up to an extra $23,760 in benefits. That doesn’t factor in future COLA increases, either.<\/p>\n You may not be able to afford to delay Social Security benefits for a year if you have little other savings to fall back on. But even waiting a few months can make a difference. It’s also fine to claim right away at 62 if you prefer. Just make sure you’re comfortable with the trade-offs before you go ahead.<\/p>\n The\u00a0$23,760\u00a0Social Security bonus most retirees completely overlook <\/p>\n If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known\u00a0“Social Security secrets”<\/a> could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $23,760 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after.<\/p>\n Many Americans leave money on the table in retirement. Learn more about these retirement strategies and more, available when you join Stock Advisor.<\/p>\n View the “Social Security secrets” \u00bb<\/a><\/p>\n The Motley Fool has a disclosure policy<\/a>.<\/p>\n