Millions of seniors rely on Social Security to cover essential living expenses in retirement. For 65-year-olds, Social Security payments of $1,622 per month are available, but not everyone qualifies for this amount. Your benefit is determined by factors such as your work history, earnings, and when you decide to start claiming benefits. If you’re nearing retirement, understanding the eligibility criteria and how to maximize your benefits is crucial. With the cost of living rising, ensuring you receive the highest possible monthly payment could make a big difference in your financial security.
Who Is Eligible for the $1,622 Social Security Payment?
To qualify for Social Security retirement benefits, you need to meet the following requirements:
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Age Requirement: The earliest you can start receiving Social Security retirement benefits is age 62. However, if you claim before reaching your Full Retirement Age (FRA), your monthly payment will be permanently reduced. For people born in 1960 or later, the FRA is 67.
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Work Credits: You must have worked and paid Social Security taxes for at least 10 years (earning 40 credits) to be eligible for benefits. Your lifetime earnings play a major role in determining how much you’ll receive each month.
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Earnings Record: Your benefit amount is calculated based on the average of your highest 35 years of earnings. If you worked fewer than 35 years, any missing years will count as zeroes, which can significantly lower your monthly payment.
How Your Age Affects Your Monthly Benefit
One of the biggest factors in determining how much Social Security you’ll receive is the age at which you choose to start collecting benefits.
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Claiming at 62: If you claim benefits as soon as you turn 62, you will face a permanent reduction of up to 30% compared to what you would receive at Full Retirement Age (FRA).
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Waiting Until Full Retirement Age (67): If you wait until your FRA, you will receive 100% of your benefit amount as calculated by your earnings history.
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Delaying Until Age 70: If you delay taking benefits past your FRA, your monthly payment increases by 8% per year until you reach age 70. This means that waiting until 70 can boost your Social Security check by 24% to 32% compared to claiming at 67.
For example, if your FRA benefit is $1,622 per month at 67, but you decide to take benefits early at 62, your monthly payment could drop to around $1,135. On the other hand, delaying until 70 could increase your benefit to around $2,015 per month.
Can You Get More Money from Supplemental Security Income (SSI)?
For seniors 65 and older with limited income and resources, the Supplemental Security Income (SSI) program offers additional financial assistance. In 2025, the maximum federal SSI payment is $967 per month for eligible individuals. This program is separate from Social Security and is designed to help low-income seniors, disabled individuals, and blind individuals.
How to Claim Your Social Security Benefits
If you’re turning 65 and want to claim Social Security, here’s what you need to do:
- Create a Social Security account at ssa.gov to check your benefit estimate.
- Decide when to start claiming benefits based on your financial needs and retirement plans.
- Apply for Social Security online, by phone, or in person at your local Social Security office.
- Check if you qualify for additional assistance like SSI if you have limited income.
Final Thoughts: Don’t Leave Money on the Table!
Many retirees don’t realize that claiming Social Security too early can significantly reduce their lifetime benefits. If you’re turning 65, you may be eligible for $1,622 per month, but your actual payment will depend on your work history and when you claim. Before making a decision, take the time to understand how timing affects your benefits. If possible, consider delaying Social Security to maximize your monthly payments. With Social Security playing a critical role in retirement, making the right choice now can help secure your financial future for years to come.