62 Year Olds Could Get Up to $2,831 from Social Security with COLA

Applying for Social Security retirement benefits at age 62 can provide early access to your retirement income. However, this choice comes with a significant reduction in monthly benefits—about 30% for most beneficiaries, according to the Social Security Administration (SSA). For 2025, thanks to the Cost of Living Adjustment (COLA), the maximum monthly benefit for a 62-year-old is projected to be $2,831. Here’s what you need to know about qualifying for this amount and the requirements involved.

Contents

1 Qualifying
- 1.1 $1,600 Stimulus Check – Age Requirements and Eligibility Criteria for Applying
2 Payment Schedule
3 Maximizing

Qualifying

To receive the maximum benefit of $2,831 at age 62, certain criteria must be met. Here are the main requirements to qualify for this higher payout:

Early Filing
You must file for Social Security benefits at age 62, the earliest age for retirement benefits. Filing earlier results in reduced benefits compared to waiting until your Full Retirement Age (FRA) or later.
High Lifetime Earnings
You need to have earned the taxable maximum for 35 years. Each year, the SSA sets a maximum taxable income limit for Social Security taxes, and you must have consistently hit or exceeded this limit to qualify for the top benefit.
Jobs Covered by Social Security
Your work history must include jobs where Social Security taxes were paid. Without this, your earnings won’t count toward your retirement benefits.
Minimum of 35 Years of Work
To calculate the maximum benefit, the SSA considers your 35 highest-earning years. If you have fewer than 35 years of work, zeros will be added to your calculation, which will reduce your overall benefit amount.

If you fail to meet any of these requirements, the $2,831 maximum benefit will be out of reach. However, fulfilling even some of these conditions can still increase your monthly payments.

Payment Schedule

For those who qualify for up to $2,831 per month, payments will follow the Social Security Administration’s 2025 schedule. Here’s how the payment dates will work:

Early Payments on January 3, 2025:
Individuals who started receiving benefits before May 1997 will get their checks on this date. However, the maximum benefit amount is unlikely for this group due to the timing of their initial claims.
SSI Recipients Also Paid on January 3, 2025:
Those receiving Supplemental Security Income (SSI) payments will also be paid on this date. Because SSI is for low-income individuals, they typically do not qualify for the maximum Social Security benefit.
Standard Payments on January 8, 15, and 22:
Payment dates for beneficiaries born in different date ranges follow:
- Birthdays from the 1st to the 10th will be paid on January 8.
- Birthdays from the 11th to the 20th will receive payment on January 15.
- Birthdays from the 21st to the 31st will be paid on January 22.

To start receiving your benefits in January, consider applying a few months in advance to avoid delays.

Maximizing

Achieving the maximum benefit at 62 is challenging but not impossible. Here are some tips to help you maximize your future Social Security payments, even if you don’t fully meet the requirements:

Increase Your Earnings:
Aim to earn at or above the taxable maximum for as many years as possible. Higher earnings result in higher Social Security benefits.
Extend Your Working Years:
Working longer can help replace lower-earning years in the 35-year calculation. This strategy can significantly boost your benefits.
Delay Filing If Possible:
While this won’t help you get the maximum amount at 62, waiting until your FRA (66-67) or even 70 can substantially increase your monthly payments.

By addressing the requirements and taking steps to improve your earnings record, you can optimize your Social Security benefits.

Receiving the highest benefit amount is no easy feat, especially at age 62. However, if you meet the SSA’s conditions, the $2,831 monthly payout can provide a significant income boost. For those who don’t qualify for the top amount, there are still ways to enhance your retirement benefits, such as delaying your application or increasing your lifetime earnings.