If you’re turning 62 in 2025, you might be eligible for Social Security retirement benefits starting at a monthly average of $1,343.
While this amount isn’t fixed for everyone, it represents the projected national average for early retirees.
Whether you’re planning your financial future or nearing retirement, understanding eligibility, claiming options, and strategies to maximize your benefits is crucial.
This guide explains what you need to know to receive Social Security at 62, including how the benefit is calculated, what documents you need, and how your choices impact your retirement income.
Understanding the $1,343 Social Security Payment at Age 62
The Social Security Administration (SSA) estimates that individuals who claim retirement benefits at age 62 in 2025 will receive an average monthly payment of $1,343. However, this number can vary based on several factors:
- Your lifetime earnings
- When you choose to claim benefits
- Cost-of-living adjustments (COLA)
- Whether you’re still working
Here’s a snapshot of the current criteria and figures:
| Feature | Details |
|---|---|
| Eligibility Age | 62 (early retirement age) |
| Average Monthly Benefit | $1,343 (projected in 2025) |
| Work Credits Required | 40 credits (approx. 10 years of work) |
| Income Limit (2025) | $23,400 before benefits are reduced |
| Full Retirement Age | 67 (for those born in 1963) |
| Application Options | Online, phone, or local SSA office |
Who Is Eligible for $1,343 in 2025?
To qualify for Social Security retirement benefits at age 62, you must meet the following:
- Be at least 62 years old: This is the minimum age to begin collecting.
- Earned 40 work credits: In 2025, 1 credit equals $1,730 of earned income; you can earn up to 4 credits per year.
- Be a U.S. citizen or legal resident with a valid Social Security Number (SSN).
How Is the $1,343 Benefit Calculated?
The SSA calculates benefits using your highest 35 years of earnings. If you have fewer years, zero-income years are factored in, which lowers your benefit. Claiming at age 62—before full retirement age (67)—also reduces your monthly benefit by up to 30%.
This $1,343 figure includes projected COLA increases for 2025 and applies to new claimants who meet average earnings benchmarks. Your actual payment could be higher or lower.
Should You Claim Social Security at 62?
Pros:
- Access to funds earlier
- Helpful for those with health issues or job loss
- Supports phased or part-time retirement
Cons:
- Permanent benefit reduction (~30% less than waiting until age 67)
- May reduce spousal or survivor benefits
- Earnings above the annual limit can temporarily reduce benefits
Income Limits and Withheld Benefits
If you plan to work while collecting Social Security at age 62, be aware of the earnings limit:
- 2025 earnings limit: $23,400
- Overage penalty: $1 withheld for every $2 earned above the limit
Example: If you earn $29,400, that’s $6,000 over. The SSA will withhold $3,000 of your benefits.
How to Apply for Social Security at 62
Follow these steps to apply:
- Prepare required documents:
- Proof of birth
- SSN
- W-2s or self-employment tax forms
- Bank details for direct deposit
- Choose your method:
- Online at ssa.gov/apply
- By phone at 1-800-772-1213
- In-person at your local SSA office (appointment may be required)
- Review your earnings record:
- Visit your Social Security Statement online and correct any errors to avoid miscalculations.
Smart Strategies to Maximize Your Benefits
- Delay your claim: Each year you wait (up to age 70) increases your benefit by about 8%.
- Work more years: Replacing zero-income years can significantly raise your benefit.
- Avoid earning too much while collecting early: Prevents temporary reductions.
- Explore spousal or survivor benefits: Married individuals may qualify for additional income.
Tax Implications
Your Social Security income may be taxable depending on your total income:
| Filing Status | Income Range | Taxable Benefit Portion |
|---|---|---|
| Single | $25,000 – $34,000 | Up to 50% |
| Single (Above $34,000) | Up to 85% | |
| Married Filing Jointly | $32,000 – $44,000 | Up to 50% |
| Joint (Above $44,000) | Up to 85% |
If you’re turning 62 in 2025, the projected $1,343 monthly Social Security benefit offers an important opportunity to begin your retirement journey.
But claiming early comes with long-term trade-offs. Evaluate your health, financial needs, and other sources of income before deciding.
Take advantage of SSA’s tools, speak with a retirement planner if needed, and carefully time your claim to make the most of your Social Security benefits.
A thoughtful approach now can lead to greater stability and peace of mind in your retirement years.
FAQs
Can I receive Social Security benefits at 62 in 2025?
Yes, if you’re turning 62 in 2025 and have earned 40 work credits, you can begin claiming benefits.
Will I get exactly $1,343 per month?
Not necessarily. $1,343 is the national average; your benefit depends on your earnings history and claiming age.
Can I work and still receive benefits at 62?
Yes, but if you earn over $23,400 in 2025, some benefits may be temporarily reduced.