Social Security retirement benefits can be started at any age between 62 and 70 for those who qualify based on their work record. However, claiming before full retirement age can result in a permanent reduction of up to 30%, while waiting until after full retirement age can result in an increased benefit.
For someone born in 1960 or later with a full retirement age of 67, waiting until age 70 can result in a permanent 24% benefit increase.
The average Social Security retirement benefit as of the latest annual 2025 Social Security Statistical Supplement was $1,975 per month. But waiting until age 70 can get many people a much higher monthly check. Here's just how much larger.
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The average Social Security benefit for age 70
The short answer is that the average 70-year-old receiving a Social Security retirement benefit receives $2,148 per month.
But this doesn't tell the full story. These are only people who are 70 years old now. It includes 70-year-olds who have been collecting Social Security since they turned 62, those who claimed at full retirement age, those who waited until 70, and those who claimed at every age in between.
Unfortunately, the SSA data doesn't specifically break out the average benefit sorted by claiming age. But it does reveal that the average 70-year-old with delayed retirement credit gets $3,033 per month -- nearly $900 more than the overall average for a 70-year-old Social Security beneficiary. That's more than $36,000 per year in inflation-protected retirement income.
This includes anyone who waited beyond full retirement age to start collecting their Social Security benefits and are now 70 years old. So, it's fair to say that the average for those who waited until exactly 70 years of age get even more, on average.
The bottom line is that people who wait to start collecting Social Security get significantly more money than those who don't -- and they really get more money than those who claim early. In fact, the average 62-year-old has a retirement benefit of $1,342 per month. That's less than half of what the average 70-year-old gets.
Of course, there are some good reasons to start collecting Social Security early. For example, if you need the income to cover living expenses, or if you were forced to retire earlier than you planned due to a layoff or for medical reasons, it might not be practical to wait.
Having said that, it's important to carefully consider your optimal claiming age before you apply for benefits. Even waiting a few months can have a substantial impact on your retirement income stream.
