Collecting Social Security at 62 vs. 67: One Choice Could Mean $7,455 More a Year
It pays to delay your Social Security benefit. If you're thinking about retiring early, do the math before deciding when to start collecting your monthly benefit.
Leaving the workforce and collecting Social Security checks at age 62 might be tempting, but you may regret it in a few years. Keep reading to learn the monthly difference in the size of your benefit by waiting until age 67 to start cashing in.
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How Much You Get Waiting To Collect Until Age 67
If you were born in 1960 or after, your full retirement age is 67, according to the Social Security Administration (SSA). Consequently, if you decided to retire at age 62, you would only receive 70% of your benefit instead of the 100% you'd get at age 67.
Since your Social Security retirement benefit is based on your lifetime career earnings, no two people will have a same-sized monthly check. However, everyone gets a heftier benefit by waiting until age 67 to start collecting.
As of January 2026, the estimated average monthly Social Security benefit was $2,071, according to the SSA.
Hypothetically speaking, if this was the monthly benefit you were owed and you waited until age 67 to retire, you would receive the full $2,071 each month. However, if you opted to start receiving benefits at age 62, you would only receive 70% of this amount, which is $1,449.70 per month.
In this case, waiting until age 67 to collect Social Security benefits would grant you an extra $621.30 per month — that amounts to $7,455.60 per year. If you're like most people, you'll probably appreciate having thousands more dollars at your disposal each year.
Every retiree has a unique situation. For some, it might not be possible to wait until age 67 to start collecting benefits. However, if you're in the position to wait until age 67, doing so is likely in your best interest financially.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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