The age at which you begin taking Social Security will affect your monthly income for the rest of your life, so it's critical to make this decision carefully.
You can begin claiming at age 62 or anytime after that, and the longer you wait (up to age 70), the more you'll receive each month. The age at which you file can affect your payments by hundreds of dollars per month, and if you're going to be relying heavily on your benefits, this decision could make or break your retirement.
The age at which you should start taking benefits will depend largely on your situation, but it can be helpful to see the average payments at various ages. Here's exactly how much the average retiree receives, as well as a few tips for deciding on the right age to make your claim.
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The average Social Security benefit by age
Your age is one of the most important factors influencing your benefit amount. To receive the full payments you're entitled to based on your work history, you'll need to wait until your full retirement age (FRA) to file. This age varies by birth year, but it's 67 years old for everyone born in 1960 or later.
If you file before your FRA, your benefits will be reduced by up to 30%. By delaying past your FRA, you'll earn your full benefit plus a bonus of between 24% and 32% per month. These adjustments are permanent, too, so the age at which you file will affect your income for the rest of your retirement.
The average retirement benefit varies widely by age. Here's what those averages look like, according to the Social Security Administration's most recent data released in December 2022:
| Age | Average Monthly Retirement Benefit |
|---|---|
| 62 | $1,275 |
| 63 | $1,365 |
| 64 | $1,412 |
| 65 | $1,505 |
| 66 | $1,720 |
| 67 | $1,845 |
| 68 | $1,848 |
| 69 | $1,819 |
| 70 | $1,963 |
Source: Social Security Administration. Table by author.
The average retiree at age 70 collects nearly $700 per month more than the average retiree at age 62. If your savings fall short or even run dry in retirement, those higher payments can go a long way.
There's no one-size-fits-all approach as to when you should begin claiming Social Security. But to make the decision a little easier, there's one question to ask yourself: What's your biggest priority in retirement?
When it pays to delay Social Security
If maximizing your monthly income is your primary goal, delaying benefits until age 70 will help you achieve that. Because delaying benefits will result in larger checks for the rest of your life, this strategy can help you enjoy a more financially secure retirement -- even if your savings eventually run out.
Waiting a few years to claim can also be a smart idea if you're worried about benefit cuts. While Social Security isn't going away, there could potentially be cuts within the next decade or so if Congress can't fund a solution to the program's cash shortfall. If that happens, having bigger checks to begin with can help cushion the blow.
When you might want to file early
That said, there are valid reasons to consider filing early, too. For example, if you're battling health issues or have reason to believe you won't live well into your 70s or beyond, it may not make sense to delay benefits. While you'll still receive smaller monthly payments by claiming early, you could collect more over a lifetime than if you were to delay.
Finally, if you have a robust retirement fund and don't necessarily need the extra cash from Social Security, filing early can make it easier to retire earlier. You don't have to file for benefits as soon as you retire, but doing so can give you some extra income each month so you're not relying entirely on your savings -- and risking depleting your retirement fund too quickly.
There's not necessarily a "best" time to take Social Security, as it will depend on your unique circumstances. But when you know how your age will affect your benefit amount, it can help make the decision a little easier.
