The age you begin claiming Social Security will have an enormous impact on the size of your checks, so it's wise to make this decision carefully. Filing as early as possible at age 62 can reduce your benefits by hundreds of dollars per month, while delaying by even a year or two can result in far more robust payments.
Age 67 is the full retirement age for everyone born in 1960 or later. Your full retirement age is the age at which you'll receive 100% of your benefit based on your work history, without any deductions or bonuses for filing earlier or later. Here's what the average retiree receives at this age.
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The average benefit by age
Among retired workers, the average Social Security benefit at age 67 is $1,883.50 per month, according to December 2023 data from the Social Security Administration. The average benefit among men at that age is $2,093.70 per month, while the average monthly payment among women is $1,676.20.
If you're looking to increase your benefit, delaying claiming is one of the simplest ways to do it. The average benefit among all retired workers at age 62 is just $1,298 per month, while the average payment at age 70 is $2,038 per month -- a difference of around $740 per month.
| Age | Average Monthly Benefit: All Retirees | Average Monthly Benefit: Men | Average Monthly Benefit: Women |
|---|---|---|---|
| 62 | $1,298 | $1,440 | $1,167 |
| 67 | $1,884 | $2,094 | $1,676 |
| 70 | $2,038 | $2,257 | $1,816 |
Data source: Social Security Administration.
Even if you can't delay benefits until age 70, waiting even a year or two to begin claiming can boost your payments by hundreds of dollars per month. When you know how your age will affect your benefit amount, it will be easier to make the best decision for your retirement.
