Since the first Social Security checks were mailed out in January 1940, it has been one of America's most valuable social programs. The program isn't without its faults, but one thing that most people can agree on is that having that guaranteed income in retirement is an invaluable lifeline for millions of Americans.
As of August, over 53.3 million people are receiving Social Security retired workers' benefits, and many of them rely on it for most or all of their retirement income. Given how important Social Security is and will be for so many people, it's natural to wonder how much you can expect to receive.
To get a realistic view of what to expect, let's take a look at the average benefits for people ages 62 and 70.
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The importance of ages 62 and 70 in Social Security
Ages 62 and 70 are two of the more important ages in Social Security because of their implications. Age 62 is the earliest age at which anyone can claim Social Security benefits. However, claiming at 62 will result in your monthly benefit being decreased because it's before your full retirement age (FRA).
Age 70 is the latest age you can claim Social Security benefits and still receive an increase in your monthly benefits. The amount of the increase also depends on your FRA. Below are FRAs based on birth years:
| Birth Year | Full Retirement Age |
|---|---|
| 1943 to 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and after | 67 |
Data source: Social Security Administration.
Claiming benefits before your FRA reduces them by 5/9 of 1% monthly for the first 36 months. Any additional month further reduces them by 5/12 of 1%. Assuming your FRA is 67, claiming benefits at 62 would reduce your monthly benefit by 30%. If your benefit at your FRA would have been $2,000, claiming at 62 means you'd now receive $1,400.
Delaying your benefits past your FRA increases them by 2/3 of 1% monthly, which works out to 8% annually. If your FRA is 67 and you claim benefits at 70, your monthly benefit would increase by 24%. If your benefit at FRA would have been $2,000, you'd now receive $2,480.
The average monthly benefits at ages 62 and 70
Below are the average monthly Social Security benefits for retired workers, as of the beginning of 2025.:
| Age | All Retirees | Men Retirees | Women Retirees |
|---|---|---|---|
| 62 | $1,341.61 | $1,485.76 | $1,207.03 |
| 70 | $2,148.12 | $2,389.95 | $1,909.42 |
Data source: Social Security Administration.
In addition to when you claim benefits, the bulk of what decides your monthly benefit is your career earnings. The more you earn, the more you pay in Social Security payroll taxes (up to a certain amount), and the higher your benefits (again, up to a certain point). So, the discrepancy you see in average benefits between men and women comes down to career earnings.
Having a sense of the average benefit can help you set more realistic expectations of what your benefit could possibly be, helping you financially plan accordingly to maximize benefits.
Average benefits are due to get a boost in 2026
One of the better features of Social Security is the annual cost-of-living adjustment (COLA) that's meant to offset some of the negative effects of inflation. We will know the exact amount of the 2026 COLA on Oct. 24, but one thing is certain: It will be an increase.
Retirees have complained that the annual COLA doesn't always properly account for the financial pressure they feel from inflation, but some increase is undoubtedly better than no increase.
