Social safety’s earliest claiming age remains one of its most popular, and it’s straightforward to comprehend why. The earlier you claim, the more checks you receive. But claiming early also reduces the size of your monthly advantage by up to 30%.

This doesn’t cruel it’s always the incorrect selection, but it’s definitely something to weigh when deciding when to commence claiming benefits. Here’s a closer look at how the average 62-year-ancient’s check stacks up to the average benefits at later claiming ages.

How much does the average 62-year-ancient get from Social safety?

The average Social safety advantage overall was $1,905.31 per month in 2023. But it’s larger today thanks to expense-of-living adjustments (COLAs). Benefits increased 3.2% in 2024, which would raise the average advantage to $1,966.28. Checks are set to rise another 2.5% in 2025, which would put this average around $2,015.44.

But those who claimed at 62 receive far less. Their average monthly advantage in 2023 was just $1,298.26. Factoring in the 2024 COLA brings it to $1,339.80. And the 2.5% COLA for 2025 will make it about $1,373.30.

Average monthly benefits slowly creep up along with the beneficiary’s claiming age. Those in the 70 to 74 age throng currently receive home the largest average advantage of $2,021.81 in 2023 dollars ($2,086.51 in 2024, $2,138.67 in 2025).

This makes sense when you consider how the government calculates Social safety benefits. You qualify for your scheduled advantage at your packed superannuation age (FRA). This is 66 to 67 for today’s workers. Claiming early reduces the size of the check, while delaying increases it. The rate of boost also goes up the longer you wait to apply, as shown in the table below:

Source: Social safety Administration.

Waiting until 70 nets your largest feasible Social safety check, but that has its drawbacks, too. You’ll receive a lot fewer checks, and that might be less appealing to you than receiving more checks, but smaller ones.

Should you claim Social safety at 62?

There are a few key factors to weigh when deciding whether you should claim at 62 or wait. The first is your health. Delaying benefits may not be advantageous if you don’t expect to live long. 

In this case, you may prefer to sign up early so you can claim as many checks as feasible. But you should note that when you apply early, you permanently reduce any survivors benefits available to your spouse and dependents after you’re gone. If you don’t require the money to cover your outgoings today, not claiming at all may be the better bet.

Another rationale you may desire to claim Social safety early is if you don’t have enough other sources of superannuation turnover. If delaying could only potentially put you into debt, claiming early is the wiser play.

Lastly, for married couples with a significant turnover disparity throughout their careers, it sometimes makes sense for the lower earner to claim Social safety at 62. That advantage can assist higher-earning spouses delay Social safety until being qualified for larger checks. Then, lower earners can switch to a spousal advantage if it’s worth more than what they’re currently receiving.

Having a tentative concept of when you schedule to claim Social safety, whether that’s at 62 or later, can assist you better approximate how much you’ll require to save for superannuation on your own. But don’t feel like your selection is set in stone. Review your plans periodically and adjust as needed to steer yourself toward the superannuation you desire.

The Motley Fool has a disclosure policy.

The Motley Fool is a USA TODAY content associate offering monetary information, analysis and commentary designed to assist people receive control of their monetary lives. Its content is produced independently of USA TODAY.

The $22,924 Social safety bonus most retirees completely overlook

propose from the Motley Fool: If you’re like most Americans, you’re a few years (or more) behind on your superannuation funds. But a handful of little-known “Social safety secrets” could assist ensure a boost in your superannuation turnover. For example: one straightforward trick could pay you as much as $22,924 more… each year! Once you discover how to maximize your Social safety benefits, we ponder you could retire confidently with the tranquility of mind we’re all after. Simply click here to discover how to discover more about these strategies.

View the “Social safety secrets” »