Social Security is a complex program. Retirees can choose to claim benefits at different ages, as early as age 62 and as late as age 70.
There are, of course, trade-offs; the big one is that the earlier you claim benefits, the greater the benefits are reduced. On the flip side, the later you claim benefits, the more likely you are to see benefits increased.
It all has to do with the primary insurance amount (PIA) and the full retirement age (FRA). The PIA is the full amount of benefits you are entitled to at your FRA, which is 67 for those born in 1960 or after. For each month you claim benefits prior to your FRA, your benefits will be reduced by a small percentage. Claiming benefits at age 62 can reduce your benefits by 30%.
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Meanwhile, for each month you delay benefits past your FRA, your Social Security benefits grow by a small percentage. Retirees who delay benefits until age 70 can see their benefits increase by 24%.
With all of that background in mind, here's the average Social Security benefit for retirees age 70.
Delaying benefits can make a big difference
Each year, the Social Security Administration releases an annual statistical supplement with a ton of data, including average monthly benefit amounts for retirees by age. Data in the 2025 supplement shows average benefit amounts, as of December 2024, so slightly dated, but still enough to give people a good sense of the average amount.
The average monthly benefit for age 70 was roughly $3,033, or $36,396 per year. Now, this actually seems fairly high when you consider that the average monthly benefit for all retirees in February of this year was roughly $2,076, or $24,912 annually.
But this is where people need to remember that benefits increase when retirees delay. The annual statistical snapshot also notes that the average PIA for retirees age 70 was about $2,516, or $30,192 annually, so it's clear that by delaying claiming benefits, retirees significantly increased their total benefits.
Men aged 70 had a much higher average monthly benefit of nearly $3,334, while women's average monthly benefit was nearly $2,691.
Ultimately, retirees should understand that there is no right age to claim benefits. The program was designed to provide equal benefits to retirees throughout their lives.
Retirees who need the money at 62, especially if it's to keep up with daily expenses or cover new healthcare costs, should certainly not feel bad in the slightest about claiming benefits early. If retirees are in good financial shape and in good health at age 62 or at their FRA, they may want to delay as long as possible. It all depends on a retiree's individual situation.
