This is the average Social Security benefit for age 67

Social Security is a substantial source of income for millions of retirees. 60 percent of current retirees rely heavily on their benefits, according to a 2024 Gallup poll, with 88 percent saying they depend to some extent on Social Security.

If you want to maximize your payments, delaying your claim can increase your checks by hundreds of dollars a month. Waiting until age 67 can increase your benefits by up to 30% per month compared to claiming at age 62, and that money can go a long way.

But how much does the average retiree earn at age 67? Is this the right age to receive benefits? Here’s what you need to know.

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Take Social Security at age 67

Among retired workers, the average benefit amount at age 67 is $1,883.50 per month, according to December 2023 data from the Social Security Administration. 67-year-old men earn an average of $2,093.70 per month, while the average woman earns $1,676.20 per month.

By comparison, the average benefit at age 62 is just $1,298.26 per month — about $585 per month less than the average age 67. If money will be tight in retirement, waiting a few years to claim is one of the easiest ways to build yourself up. bank account.

Age 67, in particular, can be a smart compromise between claiming early and being late. Filing early can lead to an earlier retirement, but it also means smaller checks. Deferring benefits will maximize your monthly income, but it can be a long wait — especially if your health is poor or you’re burned out at work. By filing at age 67, you can earn bigger checks than you would at age 62 without waiting until age 70.

Regardless of when you apply, it’s important to understand how your age will affect your benefit amount. By weighing the pros and cons of all your options, you can make the best decision for your individual retirement.