I am 60 years old, how much will my pension benefit be if I file at 62?

Social security will reward those workers who delay retirement. However, if you file at age 60, it could lead to financial hardship if you haven’t saved enough. In fact, there are some workers who have neglected their savings accounts and investments.

Hence these elderly WHO file on 62 you should know that there will be a 30% discount. Maybe you have enough money now, but you’ll be on a tight budget.

Inflation can make this situation worse, so try to delay your filing age at least until you’re older Full retirement age. It’s 67 if you were born in 1960 or later. Normal retirement age allows you to receive 100% of your income.


This is a very difficult question because it will depend on your work history and income. Of course, you already know that at 62 you’ll get a 30% discount. Whatever, Social Security Administration revealed that the average paycheck was $1,848 in 2023.

Imagine you got a 30% discount at 62 and the full amount is $1,848 at 67. If you do that, you can get a discount worth $554.40. Therefore, your payment as a pensioner will be $1,293.60 at 62.

If you’ve been a big earner all your life, that might be a different story. Those workers who have earned the taxable maximum for at least 35 can get $2,572 at 62 in 2023. Note that the taxable maximum is $160,200 in 2023, which is not an easy thing to achieve.

While this person could earn a retirement checking worth $4,555 if they had filed at age 70. Anyway, it’s your decision and you should consider it to think about what suits you best. Filing early means getting more checks and more free time.


In fact, you can see the different amounts at different ages. All you have to do is download a Declaration of social security. There you will be able to see the full amount of your benefit at 62.

A sample taken from SSA.gov, your Social Security return
Credits – sample taken from SSA.gov, your Social Security return

You will also be able to compare your checks from 62 to 70. This way you will be able to get a much better and more realistic picture of your future retirement benefits.

What’s more, you’ll be able to see if you can qualify for disability benefits, (Social security for disability). Not only this, the survivor benefit eligibility and amounts will also be displayed.

retirement it’s not something you can do in a hurry. It is vital that you consider medical expenses. The older you are, the more likely you are to need medical services.

Keeping up with the pace of inflation is a challenge. Even if Social Security updates benefit each year with the COLA increase, you may lose purchasing power. The expected the average retirement check will be $1,907 in 2024, from $1848. So at 62 you could get $1,334.90 if you get a 30% reduction in 2024.

Related Articles

Back to top button