The amount of your monthly Social Security payment at age 62 depends on your earnings history and the age you begin collecting benefits. The Social Security Administration (SSA) uses a formula to determine your primary insurance amount (PIA), which is the monthly benefit amount you will receive at your full retirement age (FRA). The closer you collect benefits below your FRA, the lower the PIA will be. The maximum reduction your Social Security benefits can be reduced depends on how long before your full retirement age you start taking them. Here's a breakdown of the reductions:
- If you were born between 1943 and 1954, your benefits can be reduced by up to 25-30%.
- If you were born between 1955 and 1959, your benefits can be reduced by up to 25-20%.
- If you were born after 1960, your benefits will be reduced by 5/9 of 1 percent per month for each month before your full retirement age that you receive benefits.
It's important to note that these are general rules, and there may be exceptions or adjustments based on your specific situation. For an accurate estimate of your monthly payment, you should contact the SSA directly or use their online tools.