The Social Security Administration (SSA) has set the maximum amounts for different ages in retirement. For example, if you start collecting retirement payments at the age of 62, you can receive up to a limit. This limit at 62 is $2,831 in 2025. Gradually, it increases thanks to the Cost-of-Living Adjustments the Agency carries out.
So, every year in October, Social Security unveils the new COLA increase. This figure increases benefits on the first payment next year. For example, if SSA announces the 2026 COLA boost on October 15, 2025, the first payments to include the jump will be deposited on January 2, 2026. Usually, it is delivered on the third day of January. Since January 3 is a Saturday, SSA must issue payments on the previous business day.
Average Social Security payments at 62
As you may have guessed, it is unlikely to receive $2,831 at the age of 62 because there are very strict requirements. To get $2,831 in 2025, you must have worked for 35 years in jobs covered by SSA, applied at 62, and have earned the contribution and benefit base for 35 years.
This contribution and benefits base is $176,100 in 2025, up from $168,600 in 2024. So, average payments are more common and likely too. As of December 2024, the average amount for 62-year-olds is $1,341.61.
In fact, this is the average Social Security payment in retirement at 62 for both men and women. SSA also gives detailed information about the average amount each group of men and women collects.
As of December 2024, the average Social Security payment for 62-year-old men is $1,485.76. However, the average amount for women is $1,207.03. Thus, they receive a lower payment than men.
Social Security at 62: pros and cons
There are advantages and disadvantages to early filing. For example, if you decide to start collecting Social Security as early as 62, you will collect as many checks or direct deposits as possible.
What is more, you will have more free time to do the things you have always wanted to do, but you couldn’t because you had to work and had no free time at all.
On the contrary, it has some disadvantages. The main downside is the fact that you get a reduction for filing early. Thus, you get 30% less. That is why it is best to file at Full Retirement Age if what you want is 100% of your retirement benefit.
Inflation and soaring prices can cause financial hardship. Many workers do not take into account the loss of buying power once they file for Social Security benefits in the U.S.
Over time, you get Cost-of-Living Adjustments (COLA). However, they do not seem to be enough to make up for the loss of purchasing power. Some experts claim that it could be because COLAs use the Consumer Price Index for Urban Wage Earners and Clerical Workers, so it does not use the one for seniors.
