Here's the Average Social Security Benefit for Men and Women at Ages 62 to 70

The Social Security Administration says retirement benefits typically replace about 40% of pre-retirement income, but the precise payout depends on several variables. Understanding those variables can help workers and retired workers alike score a bigger benefit.

Read on to see the average Social Security benefit for retired men and women at ages 62 through 70, and to learn how lifetime earnings, work history, and claiming age impact the payout.

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Here's the average Social Security benefit for retired men and women

The Social Security Administration publishes anonymized beneficiary data throughout the year. Doing so fosters transparency and provides the public with valuable insights that can help with retirement planning. For instance, a biannual report details the average Social Security benefit paid to different types of beneficiaries at different ages.

The chart below draws information from the most recent version of that report. It shows the average monthly retired-worker benefit for men and women from ages 62 through 70. It also shows the average monthly Social Security benefit for both groups combined. All data comes from June 2023, and all payment amounts have been rounded to the nearest dollar.

Data source: The Social Security Administration. Chart by author. (Note: Payment amounts have been rounded to the nearest dollar.)

There are three noteworthy trends in the data above:

• The average man received a larger retired-worker benefit at every age, as compared to the average woman.
• The average retired-worker benefit was smallest at age 62 for both men and women.
• The average retired-worker benefit was largest at age 70 for both men and women.

The first bullet point can be explained by differences in lifetime earnings and work history. The second and third bullet points can be explained by differences in claiming age. I'll provide more context in the next section.

Here's how Social Security benefits are determined

Social Security retirement benefits depend on lifetime earnings, work history, and claiming age. The two-step process described below explains how those three variables come together.

Step 1: Earnings from the 35 highest-paid years of work are run through the Social Security benefits formula to determine the primary insurance amount (PIA). The PIA is the benefit a worker receives if they claim Social Security at full retirement age (FRA).

Step 2: The PIA is adjusted for early or delayed retirement. Workers who claim Social Security before FRA have their benefit reduced by a predetermined amount, meaning they'll get less than 100% of their PIA. But workers who delay claiming Social Security beyond FRA have their benefit increased by a predetermined amount, so they'll get more than 100% of their PIA.

There are two important qualifications. First, eligibility for retirement benefits begins at age 62, so retirees can't claim Social Security any earlier. Second, delayed retirement credits stop accumulating at age 70, so retirees should never claim Social Security any later.

We can now reconcile that two-step process with the three bullet points from the previous section, which I've listed again below:

• The average man received a larger retired-worker benefit at every age, as compared to the average woman.
• The average retired-worker benefit was smallest at age 62 for both men and women.
• The average retired-worker benefit was largest at age 70 for both men and women.

The first bullet point can be explained by differences in work history and lifetime earnings. The gender wage gap has narrowed over time, but women still earn less than men. The female-to-male earnings ratio was 83% in 2021, meaning the median woman earned $0.83 for every $1 earned by the median male.

Women are also more likely to take time away from paid work, often following the birth of a child. Both variables -- lower earnings and a shorter work history -- will reduce Social Security benefits.

The second and third bullet points can be explained by differences in claiming age. Claiming Social Security at age 62 will result in the largest possible benefit reduction, while claiming benefits at age 70 will result in the largest possible benefit increase. For context, a retired worker born in 1960 received 70% of their PIA if they claimed Social Security at age 62, but that same worker will receive 124% of their PIA if they delay Social Security until age 70.

Here's the bottom line: Workers can substantially increase their future retirement benefits by ensuring they remain in the workforce for at least 35 years, maximizing their earnings while in the workforce, and delaying Social Security until age 70.

The same tips apply to retired workers. The Social Security Administration reviews work records each year and will recalculate benefits if a current beneficiary has new earnings that rank among their 35 highest-paid years. Current beneficiaries may also be able to suspend benefits or undo a claiming decision to earn delayed retirement credits. Any of those tips could result in a larger benefit.