Here’s the average Social Security benefit for retirees at ages 62, 66, and 70

Last year, about 25 percent of newly retired workers started Social Security at age 62. This is the earliest possible claim age, so those people received the lowest possible benefit. Meanwhile, about 10 percent of newly assigned retirees started Social Security at age 70. This is the latest sensitive age to claim, so they got the biggest possible benefit.

Statistically, 90 percent of retirees will maximize their lifetime Social Security income starting at age 70, according to a study published by the National Bureau of Economic Research. That means most Americans are walking away, claiming retirement benefits too early.

Read on to see the average Social Security payout at different ages and how claiming age affects benefits.

Image source: Getty Images.

Here’s the average Social Security benefit for retired workers at different ages

The Social Security Administration periodically publishes anonymized benefit data to promote transparency and improve public understanding. The information in the chart below is from a biannual report last updated in June 2024. It shows the average monthly Social Security benefit for retired workers ages 62 to 70.

Data source: Social Security Administration. Note: Payments have been rounded to the nearest dollar.

As shown above, the average Social Security benefit tends to increase with age, so the average 70-year-old retiree receives an additional $757 in monthly benefits compared to the average 62-year-old retiree. Meanwhile, the average 66-year-old retiree receives a monthly benefit somewhere between the two extremes.

Several variables influence Social Security payments, but the trend shown in the chart is primarily due to discrepancies in claim age. In other words, all else being equal, a retired worker will receive the lowest possible benefit at age 62 and the highest possible benefit at age 70, depending on personal circumstances.

How Social Security benefits are calculated for retired workers

The Social Security Administration considers two major variables when calculating benefits for retired workers: lifetime earnings and claim age. The two-step process detailed below explains exactly how these variables impact your final payout.

• Step 1: A formula is applied to inflation-adjusted earnings from the highest-paid 35 years of a worker’s career to determine the Primary Insurance Amount (PIA). PIA is the benefit a worker will receive if they start Social Security at full retirement age (FRA), which is 67 for anyone born in 1960 or later.
• Step 2: PIA is adjusted for early or late retirement. Retirees who claim Social Security before FRA receive a lower benefit, meaning they receive less than 100% PIA. Retirees who start Social Security after FRA receive a larger benefit, meaning they receive more than 100% of their PIA.

There are two important conditions for the above information. First, eligibility for retirement benefits begins at age 62, so no one can claim earlier. Second, delayed retirement credits stop accruing at age 70, so no one should ever claim later.

The chart below details the relationship between year of birth and full retirement age. It also shows the benefit (as a percentage of PIA) that retired workers in each age group will receive if they claim Social Security at ages 62 and 70. In other words, the chart details the lowest and highest possible payouts for different age groups.

Data source: Social Security Administration.

The chart above makes it clear that Social Security depends heavily on claimed age. Indeed, retirees born in 1960 or later can increase their benefit by 77 percent simply by applying for Social Security at age 70, as opposed to age 62.

Here’s an example: The average retired worker had a PIA of $2,042 last year. Assuming a birth year of 1960 or later, that person would receive about $1,429 per month if they claimed Social Security at age 62 (ie, 70% multiplied by $2,042). But that same person would receive about $2,532 per month if they claimed Social Security at age 70 (ie, 124% times $2,042).

The exact dollar amount will vary from person to person due to differences in lifetime earnings, but the percentage increase will remain constant. That is, $2,532 is 77% higher than $1,429.