Few factors will have as big of an impact on your retirement income as the age you begin claiming Social Security.
Nearly 90% of current retirees depend on their benefits to some degree, according to a 2023 poll from Gallup. The age you begin claiming can affect your payments by hundreds of dollars per month, so choosing the right time to file is one of the most important retirement decisions you'll make.
Age 67 is the full retirement age (FRA) for everyone born in 1960 or later. By filing at FRA, you'll receive the full benefit you're entitled to based on your career earnings. While your benefit will depend on your unique work history, it can be helpful to see how much the average person receives at this age.
If you're thinking about taking benefits at age 67, here's what the average retiree can expect to collect.
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The average Social Security benefit by age
Again, your FRA is the age at which you'll receive your full benefit based on your work history. You can claim before or after that age, but it will affect the size of your payments.
By filing as early as possible at age 62, your checks will be permanently reduced by up to 30%. If you delay benefits past your FRA (up to age 70), you'll receive your full benefit plus a bonus of 24% or more each month.
At age 67, the average retired worker receives around $1,845 per month, according to the Social Security Administration's most recent data released in December 2022. Men, on average, collect more than women, receiving $2,055 per month at age 67 compared to $1,638 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. Table by author.
By waiting a few years to file, you'll receive substantially more per month than by claiming early. The average retired worker collects around $570 more each month at age 67 than at 62, and by delaying just a few more years until age 70, the average benefit increases by $118 per month compared to age 67.
Should you take benefits at age 67?
Because it's the FRA for many people, age 67 is one of the more popular times to file. But whether it's the right age for you to start taking Social Security will depend on your goals.
If your main goal is to maximize your monthly income, waiting until age 70 to file may be your best bet. At this age, you'll receive the highest possible payments based on your work history, which can go a long way in retirement.
On the other hand, if you're willing to make financial sacrifices to retire sooner, you may choose to file earlier. You don't have to begin taking Social Security as soon as you retire, but it can make retirement more affordable and help you avoid having to rely entirely on your savings.
If you're on the fence about when to claim, age 67 can be a smart compromise. You'll receive larger payments than you would by filing at 62, but you can also retire a little earlier, too. Considering the average worker only receives a little more than $100 more per month between ages 67 and 70, waiting those three extra years to file may not always be worth it financially.
The age you begin claiming Social Security is a highly personal decision. Filing at age 67 can be a fantastic option for many people, but knowing how your age will affect your benefits will make it easier to make the best decision for your unique situation.
