Here Is the Average Social Security Benefit at Every Age From 62 to 70

Social Security is an important retirement income source to a lot of people. For those who struggle to save, those benefits can end up being the only source of income for retirement. For this reason, it’s important to claim Social Security at the right time. 

Although your Social Security benefits are based on your lifetime earnings, your filing age also plays a role in how much money you receive each month. To get a sense of what an early claim might cost you or how a late claim might benefit you, let’s review the average Social Security benefit at every age from 62 to 70.

What the average Social Security benefit per age looks like

The earliest age you can claim Social Security is 62. There’s technically no final age to file for benefits, but age 70 is when you stop getting credit for delaying your claim. Age 70 is therefore often referred to as the latest age to claim Social Security. 

Based on the most recent data from the Social Security Administration, here is an overview of the average monthly benefit by age:

• Age 62 – $1,377
• Age 63 0 $1,392
• Age 64 – $1,447
• Age 65 – $1,612
• Age 66 – $1,809
• Age 67 – $1,963
• Age 68 – $2,004
• Age 69 – $2,052
• Age 70 -$2,188

You may notice that the average Social Security benefit increases with age, and there’s a reason for that. If you were born in 1960 or later, your full retirement age (FRA) for Social Security is 67. If you claim benefits prior to FRA, they’re reduced. And the earlier you file, the more of a reduction you face.

On the other hand, the longer you delay your Social Security claim past FRA, up until age 70, the more of an increase your benefits get. 

You can see from the data above that for the average retiree on Social Security, the difference between the average benefit at age 62 versus age 70 is $811. This means that at age 70, you could be looking at an extra $9,732 per year in Social Security compared to filing at 62. 

When should you file for Social Security?

Even though claiming Social Security before FRA results in reduced benefits and filing after FRA gives you boosted benefits, it’s not a given that an early claim is the wrong choice or a late claim is the right choice. There are a lot of factors you have to consider when making that decision.

Your health should be a big one. If your health is not good in your early 60s and you do not expect to live a long life, filing for Social Security early could result in a larger lifetime benefit despite reducing your monthly checks.

Your income needs should also play a part in your decision. If you’re forced to retire at 62 and don’t have money saved, you may need to claim Social Security early to have a way to pay your bills.

The best thing you can do is think about your needs and circumstances while also understanding the consequences of claiming Social Security at different ages. Knowing how the math works could help lead you to the right choice.