Millions of Americans rely on Social Security as a critical source of income in retirement. The amount you receive each month depends heavily on when you choose to start collecting benefits. Whether you begin as early as age 62 or wait until age 70, the monthly check you receive can vary significantly.
According to data from the Social Security Administration (SSA) and financial analysis from recent reports, here’s a look at the average monthly retirement benefits at each age of eligibility, and what those numbers mean for your retirement planning.
Average Social Security Benefits by Age
Here’s the average monthly benefit amount based on the age at which retirees start collecting:
| Age | Average Monthly Benefit |
|---|---|
| 62 | $1,311 |
| 63 | $1,344 |
| 64 | $1,436 |
| 65 | $1,583 |
| 66 | $1,774 |
| 67 | $1,894 |
| 68 | $1,947 |
| 69 | $1,972 |
| 70 | $2,068 |
These figures represent the national average and are influenced by a retiree’s lifetime earnings, years worked, and the exact age at which benefits are claimed.
Early Retirement: Pros and Cons of Claiming at 62
Age 62 is the earliest age at which you can begin receiving Social Security retirement benefits. However, claiming this early leads to a permanent reduction in monthly payments. If your full retirement age (FRA) is 67 typical for those born in 1960 or later claiming at 62 could reduce your monthly benefit by as much as 30%.
Still, some retirees opt for early benefits due to health issues, job loss, or the desire to retire earlier. The key trade-off is lower monthly income for potentially more total years of benefit payments.
Full Retirement Age: 100% of Your Benefits
Full Retirement Age (FRA) is when you’re eligible to receive 100% of your calculated Social Security benefits. For most people approaching retirement today, FRA is age 67. Claiming at this age ensures you receive the full amount you’ve earned based on your lifetime contributions.
At 67, the average monthly benefit stands at $1,894. This figure reflects the midpoint for retirees who neither rush into early retirement nor delay to maximize their benefit.
Delaying Benefits to Age 70: The Maximum Advantage
Every year you delay claiming Social Security past your full retirement age, your benefit increases by roughly 8%. That means if you wait until age 70, you could receive up to 124% of your full benefit.
At age 70, the average monthly benefit reaches $2,068 the highest average among the age brackets listed. While delaying can be financially advantageous in the long run, it’s best suited for those in good health with other income sources to bridge the gap between retirement and benefit collection.
The National Average and Broader Trends
The Social Security Administration reports that, as of January 2025, the average benefit for all retired workers is approximately $1,976 per month. This average combines individuals across all retirement ages.
The maximum possible benefit someone can receive in 2025 is $4,873 per month. However, to qualify for this, you must have earned the maximum taxable income for at least 35 years and delay benefits until age 70. For more, refer to SSA’s monthly maximum benefit information.
Factors That Affect Your Benefit
It’s important to remember that Social Security benefits are calculated based on:
- Average Indexed Monthly Earnings (AIME): The average of your highest 35 years of earnings, adjusted for inflation.
- Primary Insurance Amount (PIA): The base amount you’ll receive at full retirement age.
- Claiming Age: Early, full, or delayed claiming affects your final monthly benefit.
Spouses, widows, and dependents may also be eligible for benefits based on your earnings, which can complicate decision-making. You can explore more personalized planning tools at www.ssa.gov.
Final Thoughts
When to claim Social Security is one of the most important financial decisions a retiree will make. While average benefit data can provide a general picture, your individual benefit will depend on your unique work history and financial needs.
Before making a decision, consider speaking with a financial planner and use SSA’s my Social Security portal to view your personal earnings record and estimated benefits.
Social Security isn’t one-size-fits-all. But with the right tools and information, you can make a choice that supports your long-term retirement goals.
