Numerous Americans will be turning 50 in 2025. The U.S. Social Security Administration (SSA) enables retirement benefits to start at age 62. Nevertheless, some individuals with serious illness issues might obtain compensation prior to that.
Eligibility to Receive Social Security Benefits at Age 62
If you wish to get Social Security benefits at the age of 62, you need to have a minimum of 40 work credits. That is, if you are 50 years old in 2025, you can start getting Social Security benefits in 2037, if you fulfill all the requirements.
Can You Get $2,831 at Age 62?
As of 2025, the maximum Social Security benefit to a 62-year-old is $2,831. Yet, if you qualify by 2037, the figure will be higher than $2,831 because of inflation and Cost of Living Adjustment (COLA).
If you are uncertain about claiming the maximum benefit, there are some important requirements for it:
- You need to apply at age 62 – This is required if you wish to claim at age 62.
- You have to work for a minimum of 35 years – in certain situations, this time may be extended.
- Your employers have to pay payroll tax to SSA – i.e., Social Security tax must be withheld on your earnings.
- You have to have earned the Contribution and Benefit Base for 35 years – i.e., your earnings should be according to the maximum limit fixed by the government.
How to boost your future Social Security if you’re 50?
If you’re not yet eligible for maximum Social Security benefits at age 62, don’t worry. There are a few strategies you can employ to boost your future benefits.
1. Reconsider applying early
Taking Social Security at age 62 will have your monthly payment reduced by as much as 30%. If you take it at your full retirement age (FRA), you’ll get 100% of the benefit. So, weigh the advantages and disadvantages before applying early.
2. If possible, delay retirement until 70
People who are happy with their jobs and are healthy can delay retirement until age 70. By doing so, your Social Security payment amount will continue to grow. Benefit increases stop after age 70, so waiting until 70 may be a good option to get the most out of this strategy.
3. Find high-paying jobs
The more you earn, the greater your Social Security taxes will be. This will enhance your future benefits. In case you are 50 and wish to receive maximum benefits, seek better-paying jobs.
4. Work at least 35 years
If you haven’t earned 35 years as yet, intend to earn more years. The SSA computes benefits on the basis of an average of 35 years of earnings. If your earning years included low-earning years, you can boost your benefit by including high-earning years.
Conclusion
If you are turning 50 in 2025, you’ll have to qualify to be paid Social Security benefits until 2037. But if you apply at 62, the benefit paid could be less. To receive maximum benefits, it could be to your advantage to wait until 70 to retire, get good-paying jobs, and work for 35 years. The sooner you plan your retirement, the more financially secure you’ll be.
FAQs
Q1. When can I start receiving Social Security benefits?
You can start receiving Social Security retirement benefits at age 62, but the amount will be reduced if you claim before your Full Retirement Age (FRA).
Q2. How much Social Security can I get at 62 in 2025?
The maximum benefit for a 62-year-old in 2025 is $2,831. However, this amount will likely increase by 2037 due to inflation and Cost of Living Adjustments (COLA).
Q3. How can I maximize my Social Security benefits?
To receive the highest possible benefits, work for at least 35 years, earn a high salary, pay Social Security taxes, and delay claiming benefits until age 70.
Q4. Will claiming Social Security at 62 reduce my benefits?
Yes, filing at 62 results in a 30% reduction in monthly payments compared to waiting until Full Retirement Age (FRA).
Q5. What happens if I delay my Social Security benefits until 70?
If you delay claiming until age 70, your benefits will increase due to delayed retirement credits, maximizing your monthly payout.