The majority of older adults rely on Social Security to some degree in retirement. Nearly 60% of current retirees say their benefits are a major source of income, according to a 2023 poll from Gallup, while an additional 29% say it's a minor income source.
Regardless of how Social Security factors into your retirement, it's wise to take steps to maximize it -- and one of the best ways to do that is to determine how your age will affect your benefit amount.
You can file for benefits as early as age 62, but waiting a few years will dramatically boost your monthly payments. While your benefit will depend on several factors, it can sometimes be helpful to see the average among others your age.
Here's exactly how much the average American collects at age 67 -- as well as how to make the most of your checks.
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How much the average retiree collects from Social Security
Age 67 is the full retirement age (FRA) for everyone born in 1960 or later, making it a popular time to file. By claiming at your FRA, you'll receive the full benefit you're entitled to based on your work history. If you were to file before or after your FRA, you'll receive smaller or larger checks depending on the exact age you claim.
According to the Social Security Administration's most recent data from December 2022, the average benefit amount at age 67 is around $1,845 per month. Men received larger checks, on average, with payments of around $2,055 per month, compared to women at $1,638 per month.
The difference between benefits at various ages, however, is quite stark. At age 62, the average benefit amount is just $1,275 per month, while the average at age 70 is a whopping $1,963 per month -- a difference of nearly $700 per month.
| Age | Average Monthly Benefit (Total) | Average Monthly Benefit (Men) | Average Monthly Benefit (Women) |
|---|---|---|---|
| 62 | $1,275 | $1,421 | $1,141 |
| 67 | $1,845 | $2,055 | $1,638 |
| 70 | $1,963 | $2,180 | $1,744 |
Data source: Social Security Administration.
The age you begin claiming will have an enormous impact on your monthly payments, so it's crucial to make this decision carefully.
What's the best age to start taking benefits?
There's no single correct age to file for Social Security, as it will depend on your unique situation. If your main goal is to maximize your monthly income, waiting until age 70 could be your best bet.
In fact, around 57% of retirees could potentially collect more money over a lifetime by taking Social Security at 70, according to a 2019 report from United Income. Researchers studied retirees' claiming choices and how those decisions affected their total income, and they found that the average retired household misses out on around $111,000 worth of income over a lifetime by filing at the less-than-ideal age.
That said, finances aren't everything. If you have a healthy nest egg and don't necessarily need the extra cash from Social Security, filing early could help you get a jump-start on retirement. You'll still receive smaller checks, but that could be a worthwhile sacrifice to retire earlier.
Filing at age 67, then, could be a great middle-ground. You won't receive as much per month as you would by waiting until age 70, but you can still retire a little sooner. If you're unsure of when to claim, this age could be a smart choice.
Social Security can make or break retirement for many people, so it's a good idea to ensure you're making the most of your benefits. While your claiming decision will depend on your situation, by weighing the pros and cons of claiming early and delaying benefits, you can head into retirement as prepared as possible.
