How Monthly Social Security Benefits Vary by Age

The figures below come from the SSA and show the average retirement benefits for workers at different ages based on the latest available data.

A 3.6% cost-of-living adjustment will be reflected in future checks, but it is not included in the table above. That increase would add about $51 a month for someone claiming at 62 and about $82 a month for someone claiming at 70. The benefit amounts shown here assume a full retirement age of 67, which applies to people born in 1960 or later.

Social Security was built to replace roughly 40% of pre-retirement income. For most retirees, that is not enough to cover all expenses, so savings or other income sources usually fill the gap.

The SSA calculates a benefit using the average of a worker’s 35 highest-earning years. Those wages are adjusted for inflation and then run through the primary insurance amount formula, which sets the base monthly benefit.

How the timing of your claim changes the numbers

Full retirement age ranges from 66 to 67 depending on birth year, and it is 67 for anyone born in 1960 or later. For someone with a full retirement age of 67, claiming at 62 permanently cuts benefits by 30%. That reduction reflects the longer period over which payments are expected.

Waiting beyond full retirement age earns delayed retirement credits of 8% a year. By age 70, that can lift a benefit by 24% above the base amount for someone whose full retirement age is 67. For a worker whose full retirement age is 66, delaying for four years can raise the benefit by as much as 32%.

Gender differences also show up in the averages. At 62, men receive an average benefit of $1,572.83, compared with $1,285.50 for women, a difference of $287.33. At 70, the average for men rises to $2,529.62, while women average $2,024.08, leaving a gap of $505.54.

These numbers are population averages for people who are currently 62 or 70. They do not guarantee what any individual will receive at those ages, since lifetime earnings and the year of claiming determine the actual benefit.

Life expectancy at 65 helps explain how long those payments may last. According to the SSA, men who reach 65 are expected to live about 18 more years, while women at that age are expected to live about 21 more years.

Whether you are 62 or 70, the averages offer a useful benchmark for comparing your own work history and claiming choices with people in similar age groups.

Should you claim early or wait?

It is a common myth that waiting until 70 is always the best strategy. That can make sense if you expect to live into your mid-80s or longer and have enough savings or job income to cover expenses in the meantime.

But if your life expectancy is shorter, or if you cannot work and do not have enough other income to support yourself, claiming sooner may be the better option. That still does not mean you have to file immediately at 62.

You can wait a few months or several years to permanently increase your monthly check, or you can start benefits at your full retirement age. In that case, you would avoid the early-claiming penalty, though you would not earn delayed retirement credits either.

Before deciding, it helps to compare several claiming ages. One easy way to do that is through a my Social Security account, which includes a tool for estimating benefits from age 62 through 70 so you can see what waiting would mean for you.

For more information on how Social Security fits into retirement planning, see this guide.