Social Security is a substantial source of income for millions of retirees. 60% of current retirees rely heavily on their benefits, according to a 2024 poll from Gallup, with a whopping 88% saying they depend on Social Security to some degree.
If you're looking to maximize your payments, delaying claiming can boost your checks by hundreds of dollars per month. Waiting until age 67 can increase your benefits by up to 30% per month compared to claiming at age 62, and that money can go a long way.
But just how much does the average retiree collect at age 67? Is this the right age for you to take benefits? Here's what you need to know.
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Taking Social Security at age 67
Among retired workers, the average benefit amount at age 67 is $1,883.50 per month, according to December 2023 data from the Social Security Administration. Men aged 67 collect an average of $2,093.70 per month, while the average woman receives $1,676.20 per month.
For comparison, the average benefit at age 62 is just $1,298.26 per month -- roughly $585 per month less than the average at 67. If money will be tight in retirement, waiting a few years to claim is one of the simplest ways to strengthen your bank account.
Age 67, in particular, can be a smart compromise between claiming early and delaying. Filing early can make for an earlier retirement, but it also means smaller checks. Delaying benefits will maximize your monthly income, but it can be a long wait -- especially if your health is failing or you're burned out at work. By filing at 67, you can earn larger checks than you would at 62 without waiting as long as age 70.
Regardless of when you file, it's important to understand how your age will affect your benefit amount. By weighing the pros and cons of all your options, you can make the best decision for your individual retirement.
