There are many moving parts for someone to consider before claiming Social Security. Unsurprisingly, the main thing most people care about is how much they’ll receive in benefits.
That amount can vary widely among the 52.5 million recipients of Social Security retirement benefits due to the factors that go into calculating benefits, including earnings history and claiming age. However, having an idea of the average benefit amount can help you better plan your retirement finances, so let’s take a look at the available data from the Social Security Administration (SSA).
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Average monthly Social Security benefit by age
Below are the average monthly Social Security benefits at different ages:
|
Age |
Average Monthly Benefit |
|---|---|
|
62 |
$1,298 |
|
63 |
$1,339 |
|
64 |
$1,460 |
|
65 |
$1,563 |
|
66 |
$1,740 |
|
67 |
$1,884 |
|
68 |
$1,948 |
|
69 |
$1,945 |
|
70 |
$2,038 |
|
71 |
$2,051 |
|
72 |
$2,023 |
|
73 |
$1,990 |
|
74 |
$2,000 |
|
75 |
$2,012 |
|
76 |
$1,982 |
|
77 |
$1,996 |
|
78 |
$1,949 |
|
79 |
$1,942 |
|
80 |
$1,940 |
|
81 |
$1,943 |
|
82 |
$1,942 |
|
83 |
$1,921 |
|
84 |
$1,883 |
|
85 |
$1,864 |
|
86 |
$1,833 |
|
87 |
$1,780 |
|
88 |
$1,755 |
|
89 |
$1,752 |
|
90 to 94 |
$1,767 |
|
95 to 99 |
$1,764 |
|
100+ |
$1,706 |
Data source: Social Security Administration. Amounts rounded to the nearest dollar.
The average monthly benefit for recipients across all ages was $1,999.97 as of April 2025. Meanwhile, the maximum monthly Social Security benefit in 2025 for someone claiming at 70 is $5,108, while the maximum for someone claiming at 62 is $2,831 (more on this difference below).
What determines your monthly Social Security benefit?
Your earnings history is the main determinant of the value of your monthly Social Security benefit.
Put simply: The more you consistently earn, the more Social Security payroll taxes you pay (up to a certain amount), and the higher your benefit will be when you claim Social Security.
Social Security calculates your monthly benefit by using the 35 years when your earnings were the highest. It converts each of those 35 years into today’s dollar value (called “indexing”) and then divides the total number of months in those 35 years to get your average indexed monthly earnings (AIME). After your AIME is set, Social Security applies a formula with fixed bend points to determine your primary insurance amount (PIA).
How your claiming age affects your monthly Social Security benefit
Your PIA is the baseline monthly benefit you’re entitled to when you claim Social Security at your full retirement age (FRA), which is 67 for most Americans today. From there, the SSA decreases or increases your monthly benefit depending on whether you claim before or after your FRA, respectively.
If you claim before FRA, your benefit is reduced by 5/9 of 1% each month, up to 36 months. Each additional month beyond that further reduces your monthly benefit by 5/12 of 1%. For example, if your FRA is 67 and you claim benefits at 64, you would only receive 80% of your PIA. Claim at 62, and you’d only get 70% of it.
If you delay claiming benefits until after FRA, your monthly benefit increases by 2/3 of 1% each month until you turn 70. This works out to an 8% increase for each year you wait. This dynamic explains much of the gap between the maximum benefit for 62 and 70 year olds.
When should you claim Social Security benefits?
Just like the value of each person’s benefit, the “ideal” claiming age for Social Security will vary from one individual to the next. Many experts recommend waiting until age 70 in order to maximize what you’ll receive from the program over the length of your retirement. But in reality, there’s no way to crown one single age as the best option for everyone. That said, everyone should consider these core factors before deciding when to claim: their financial situation, their personal and family health history, and their retirement plans.
Regarding your financial situation, if you simply need Social Security to help cover your core expenses during retirement, then claim as early as necessary. Immediate financial stability is more important than maximizing your lifetime benefit. However, if Social Security is just supplemental income for you, delaying can make sense for the increased monthly payment.
If your health isn’t the best or you have a family history of health issues, it can also make sense to claim benefits early. Doing so will give you as much time as possible to collect benefits.
In either case, make sure you carefully evaluate your personal situation before making a decision. And if you’re still years away from claiming, make sure you’re also saving money as Social Security was never intended to be Americans’ sole source of income during retirement.
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