How Much will Social Security Benefit When You're 62 Years Old?
The size of your retirement check is determined by your age when you file for benefits and your total lifetime earnings from occupations subject to Social Security taxes.
It's possible to start collecting Social Security at age 62, but you won't get the full benefit amount until full retirement age.Full retirement age is 66 if you were born
between 1943 and 1954, per the Social Security Administration (SSA). If you were to start receiving a hypothetical $1000 retirement income at age 62, it would be cut by 25%,
leaving you with $750 per month. The spouse's monthly payout of $500 would be cut in half to $350.The larger the difference between age 62 and FRA, the steeper the loss
in retirement benefits will be. Retirement benefits are lowered by 30% for people born in 1960 or after,with a further 35% reduction applied to their spouses' pensions.
Hence, a monthly retirement benefit of $1000 would be lowered to $700.Those who retire at age 62 with a median income can expect a monthly payment of $1,480 in 2021,
as reported by the Social Security Administration's Annual Statistical Supplement.At age 62, the benefit for a worker whose spouse also received benefits was $2,170.
Retirement benefits can be collected for a longer time period if you claim them before FRA,but the amount you receive each month will be much smaller. The Social Security
Administration(SSA) states that if you wait to start receiving benefits until after FRA,you could be eligible for delayed retirement credits that would enhance your monthly income.