When you claim Social Security as soon as you become eligible at 62, you’re guaranteed to get the greatest number of checks. But that’s not always the same as getting the largest lifetime benefit.
Claiming early reduces your monthly benefit amount by up to 30%. However, there’s a way to mitigate this penalty and increase your benefit significantly in just one year.
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What’s the average Social Security benefit for 62-year-olds?
The average 62-year-old Social Security beneficiary received about $1,342 per month as of December 2024. That benefit went out in January 2025, but it didn’t include the latest 2.8% cost-of-living adjustment (COLA) for 2026.
If we factor that in, the average monthly benefit for 62-year-olds rises to about $1,380. This gives that typical claimant an annual benefit of $16,560. That’s a good chunk of money, but it’s well below the average retirement benefit of $2,081 per month as of April 2026.
For some people, the extra checks are worth settling for a slightly smaller benefit. But if you would rather not shortchange yourself that much, there is a way you can increase your checks significantly in just a year.
How to add another 5% to your Social Security checks in one year
The reason 62-year-old claimants get so much less than the average Social Security benefit is the early-claiming penalty. This reduces checks for those who claim Social Security before their full retirement age (FRA) — 67 for most people today.
You lose 5/9 of 1% per month for your first 36 months of early claiming and then 5/12 of 1% per month for every month earlier than that. Or, if we look at it the other way, every month you delay Social Security benefits beyond 62 increases your checks a little. Someone claiming at 62 sees a 30% reduction to what they’d get if they waited until FRA to claim.
If you wait a full year and apply at 63 rather than 62, you would get 75% of your FRA benefit rather than 70%. That would bring the $1,380 estimated average benefit for 62-year-olds to $1,479 per month — a $99 increase. Over 20 years, that could add up to an extra $23,760 in benefits. That doesn’t factor in future COLA increases, either.
You may not be able to afford to delay Social Security benefits for a year if you have little other savings to fall back on. But even waiting a few months can make a difference. It’s also fine to claim right away at 62 if you prefer. Just make sure you’re comfortable with the trade-offs before you go ahead.
