You can start collecting Social Security benefits as early as age 62, but if you do so, you'll receive smaller benefits -- though likely many more of them. Delay starting your claim up to age 70, and your benefits will grow.
As of February, the average monthly retirement benefit, was $1,981 -- or around $23,750 annually. But that's just an overall average.
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Check out the table below to see some recent average monthly benefits for Social Security recipients of various ages:
|
Age |
Average Benefit, All |
Average Benefit, Men |
Average Benefit, Women |
|---|---|---|---|
|
62 |
$1,342 |
$1,486 |
$1,207 |
|
65 |
$1,611 |
$1,785 |
$1,453 |
|
67 |
$1,930 |
$2,143 |
$1,719 |
|
70 |
$2,148 |
$2,390 |
$1,909 |
|
72 |
$2,117 |
$2,343 |
$1,894 |
|
75 |
$2,065 |
$2,278 |
$1,857 |
|
80 |
$2,006 |
$2,206 |
$1,816 |
|
85 |
$1,944 |
$2,120 |
$1,788 |
Source: Social Security Administration.
The decision of when to start collecting your Social Security benefits is a big one, so think it through carefully. Per the Schroders 2024 U.S. Retirement Survey, 43% of pre-retirees plan to start Social Security before age 67, and only about 10% plan to wait until age 70. Yet according to at least one report, a majority of people -- as many as 90% of them -- would benefit from waiting until age 70.
The table below shows how much of your full benefits you'll receive depending on when you claim them and your full retirement age -- which is 66 or 67, and 67 for those born in 1960 or later:
|
Start Collecting at: |
Full Retirement Age of 66 |
Full Retirement Age of 67 |
|---|---|---|
|
62 |
75% |
70% |
|
63 |
80% |
75% |
|
64 |
86.7% |
80% |
|
65 |
93.3% |
86.7% |
|
66 |
100% |
93.3% |
|
67 |
108% |
100% |
|
68 |
116% |
108% |
|
69 |
124% |
116% |
|
70 |
132% |
124% |
Source: Social Security Administration.
To learn how much you can expect from Social Security, set up a my Social Security account at the Social Security Administration (SSA) website. And know that there are ways to increase your future benefits.
