Social Security recently commemorated its 90th anniversary, and to this day, it remains one of America's most relied-upon social programs. Over the past nine decades, it has provided a financial lifeline to hundreds of millions of Americans.
For many, Social Security will be a significant portion of their retirement income, so it's natural for someone to want to get a sense of the size of their benefit, so they can plan ahead or see where they stand compared to their peers. As of the end of 2024, the average monthly retired worker's benefit at age 67 is $1,929.73, or around $23,157 annually.
Due to differences in career earnings, the average benefit between men and women has a sizable gap. The average benefit for men at 67 is $2,142.78, while the average for women is $1,719.20.
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What's the importance of age 67?
Age 67 is one of the more important ages in Social Security because it's the full retirement age (FRA) for anyone born in 1960 or later. By claiming benefits at your FRA, you're eligible to receive your full benefit, or primary insurance amount (PIA).
Assuming 67 is your FRA, your benefits can be reduced by up to 30% of your PIA if you claim at 62, which is the earliest you can file for Social Security. If you delay benefits past 67, you could increase your monthly benefit by up to 24% of your PIA if you wait until 70 to claim.
Deciding when to claim Social Security is one of the more important retirement decisions you'll make, so be sure to understand how your claiming age will affect your benefits because the reduction or addition is permanent.
