The age you file for Social Security is perhaps the most important decision affecting your benefit amount. You can begin taking benefits as early as 62, but waiting up to age 70 will earn you larger payments each month.
Filing at 65 can be a smart middle ground between claiming early and delaying. You could earn hundreds more per month than if you filed at 62, but you can also get a jumpstart on retirement without having to wait until age 70. Here's exactly what the average retiree receives in benefits at 65, as well as how that compares with other ages.
Image source: Getty Images.
A smart compromise
If you have a full retirement age of 67 years old, filing at 65 will reduce your benefits by just over 13% per month. However, filing at 62 would reduce your payments by 30%, so it can pay to wait even a few years to begin taking benefits.
The average 65-year-old retiree collects around $1,563 per month in benefits, according to December 2023 data from the Social Security Administration. That's substantially lower than the $2,038 monthly average at age 70, but it's also higher than the $1,298 monthly average at age 62.
| Age | Average Monthly Benefit Among Retirees |
|---|---|
| 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 |
Data source: Social Security Administration.
Your claiming age will affect your monthly income for the rest of your life, so it's important to make this decision carefully. Filing sooner can make it easier to retire early, while delaying benefits will maximize your monthly payments.
There's no single best age to take Social Security, and your priorities will help determine the best decision for you. If you're looking for a compromise between filing early and waiting, taking benefits at age 65 could give you the best of both worlds.
