Social Security benefits can make retirement far more affordable, but the age at which you begin claiming will have a profound effect on the amount you receive.
You can file for retirement benefits as early as age 62, but for every month you wait past that age, you'll receive slightly larger payments. You'll collect 100% of your earned benefit at your full retirement age (which is between the ages of 66 and 67, depending on your birth year), and delaying past that age up to 70 will earn you an extra bonus each month.
Age 66 can be a smart time to file if you're looking to compromise between claiming early and delaying. Here's what the average benefit looks like at that age.
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The average retiree's benefit by age
The average benefit varies widely by age, and delaying claiming by even a year or two can boost your checks by hundreds of dollars per month.
| Age | Average Monthly Benefit Among Retired Workers |
|---|---|
| 62 | $1,298 |
| 63 | $1,339 |
| 64 | $1,460 |
| 65 | $1,563 |
| 66 | $1,740 |
| 67 | $1,884 |
| 68 | $1,948 |
| 69 | $1,945 |
| 70 | $2,038 |
Source: Social Security Administration. Table by author.
At age 66, the average benefit among all retired workers is $1,740 per month, according to December 2023 data from the Social Security Administration. Men receive an average of $1,936 per month at that age, while the average among women is $1,553 per month.
The average at age 66 is around $442 per month higher than at 62, making delaying benefits a smart way to increase your monthly income if your savings are falling short. By waiting until age 70 to claim, though, the average retiree collects around $298 more per month, compared to age 66.
There's no right or wrong time to take Social Security, but claiming in your mid-60s can help boost your income and help you retire somewhat early. If you're on the fence, taking benefits at age 66 could be a smart move.
