If you were born in April 1963, you are now eligible to claim Social Security retirement benefits as early as age 62. Depending on your lifetime earnings and when you choose to claim, you could receive up to $2,831 per month in early retirement benefits. However, delaying your claim could significantly increase your monthly payment.
This guide explains eligibility, the application process, and strategies to maximize your Social Security benefits. Learn whether you should claim now or wait for higher payments and start your application today.
Who Is Eligible for the $2,831 Social Security Payment?
To qualify for Social Security retirement benefits, you must meet the following criteria:
| Eligibility Factor | Requirement |
|---|---|
| Birth Date | Born in April 1963 |
| Work Credits | Earned at least 40 credits (10 years of work) |
| Full Retirement Age (FRA) | 67 years old |
| Early Retirement Option (Age 62) | Up to $2,831/month (based on lifetime earnings) |
| Maximum Benefit (Age 70) | Up to $5,108/month |
While early retirement at 62 allows you to receive benefits immediately, waiting until Full Retirement Age (67) or later can significantly increase your monthly payments.
How Social Security Benefits Are Calculated
Your Social Security payment is based on three key factors:
- Lifetime Earnings – Your benefits are calculated using your highest 35 years of income.
- Age at Claiming – The earlier you claim, the lower your monthly benefit.
- Cost-of-Living Adjustments (COLA) – Annual increases help offset inflation.
| Retirement Age | Percentage of Full Benefit | Maximum Monthly Benefit |
|---|---|---|
| 62 (early retirement) | 70% | $2,831 |
| 67 (Full Retirement Age) | 100% | $4,018 |
| 70 (delayed retirement) | 124% | $5,108 |
If you claim at 62, your monthly payment is permanently reduced. However, waiting until age 70 maximizes your benefit amount.
How to Apply for Social Security Benefits
Applying for Social Security is simple. Follow these steps to start receiving your payments:
Step 1: Gather Necessary Documents
Before applying, prepare:
- Social Security number
- Birth certificate (or proof of birth)
- W-2 forms or self-employment tax returns (for the past year)
- Bank account details (for direct deposit)
Step 2: Choose an Application Method
You can apply for Social Security in three ways:
- Online: Apply through the official Social Security website (SSA.gov).
- By Phone: Call 1-800-772-1213 to apply over the phone.
- In-Person: Visit your local Social Security office (appointments recommended).
Step 3: Submit Your Application
- Fill out the online or paper application with accurate details.
- Submit the required documents for verification.
- Wait for approval (typically 2-6 weeks).
Step 4: Receive Your Benefits
- Payments are made monthly via Direct Deposit.
- Your first payment arrives the month after approval.
Should You Claim Social Security Now or Wait?
Choosing when to claim Social Security depends on your financial needs and long-term goals. Here’s what to consider:
Claim at 62 if:
- You need immediate financial support.
- You have health concerns that may limit longevity.
- You plan to work but earn below the income limit.
Wait until 67 or later if:
- You want to receive full benefits (or more at age 70).
- You have other sources of income and can afford to wait.
- You expect to live longer and maximize lifetime benefits.
FAQs
Can I work while receiving Social Security at 62?
Yes, but if you earn more than $22,320 in 2025, your benefits may be temporarily reduced.
Will my Social Security benefits increase if I delay claiming?
Yes! If you delay claiming past 67 years old, your benefit increases by 8% per year until age 70.
What happens if I don’t have 35 years of work history?
Social Security averages your highest 35 years of earnings. If you have fewer than 35 years, the missing years count as $0, reducing your monthly payment.
Can I receive Social Security benefits if I’m still working?
Yes, but if you’re under Full Retirement Age (67), earnings above the annual limit will reduce your benefit temporarily.
Is Social Security taxable?
Yes. If your combined income exceeds $25,000 (single) or $32,000 (married), part of your Social Security income may be subject to taxes.
