If you're looking to maximize your income in retirement, delaying Social Security benefits until age 70 is one of the simplest and most effective ways to do so. Age 62 is the earliest you can file, but for every month you delay benefits past that age, you'll receive larger monthly payments. By waiting until age 70, you'll receive the maximum possible benefit, based on your work history.
In many cases, the difference between claiming at 62 and 70 can amount to hundreds of dollars per month. Here's the average benefit at age 70 and how it compares to the average at other ages.
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Average Social Security benefit by age
At age 70, the average benefit among retired workers is $2,037.54 per month, according to December 2023 data from the Social Security Administration. Compared to those who filed earlier, that's a massive increase in monthly income. The average benefit at age 62 is just $1,298.26 per month, or around $739 per month less than the average at 70.
| Age | Average Monthly Benefit Among Retired Workers |
|---|---|
| 62 | $1,298.26 |
| 65 | $1,563.06 |
| 66 | $1,739.92 |
| 67 | $1,883.50 |
| 70 | $2,037.54 |
Source: Social Security Administration. Table by author.
Waiting until age 70 to file will maximize your monthly benefit, but that doesn't mean it's the best move for everyone. If you're battling health issues or forced to retire early due to job loss, for example, claiming benefits earlier can make retirement more affordable.
Some people simply don't want to wait until age 70 to file, and that's OK. Delaying benefits past age 62 will result in larger checks, so some people may be best off filing somewhere in the middle. Claiming at 66 or 67, for instance, can still increase your payments by hundreds of dollars per month, compared to filing at 62.
There's no right or wrong time to take Social Security. However, because your age will have an enormous impact on your benefit size, it's wise to make this decision carefully to ensure you're as prepared as possible.
