It's advisable to carefully consider the age at which you start receiving Social Security benefits because it will significantly affect the size of your payouts.
While waiting even a year or two can result in much larger payments, filing as soon as possible at age 62 can reduce your benefits by hundreds of dollars per month.
For those born in 1960 or later, the full retirement age is 67. The age at which you will receive 100% of your benefits based on your work history—without any deductions or bonuses for filing earlier or later—is known as your full retirement age. This is what the typical retiree at this age gets.
Age-specific average benefit According to Social Security Administration data from December 2023, the average monthly benefit for retired workers at age 67 is $1,883.50.
At that age, the average monthly benefit for men is $2,093.70, whereas the average monthly payment for women is $1,676.20.
One of the easiest ways to increase your benefit is to postpone claiming. The average monthly benefit for all retired workers at age 62 is only $1,298; at age 70, the average payment is $2,038; this represents a monthly difference of about $740.
Monthly Benefit Average by Age: All RetireesMen's Average Monthly BenefitWomen's Average Monthly Benefit 62 $1,298 $1,440 $1,167 67 $1,884 $2,094 $1,676 $1,816 70 $2,038 $2,257 Social Security Administration is the source of the data.
Waiting even a year or two to start claiming can increase your benefits by hundreds of dollars each month, even if you are unable to postpone benefits until you are 70.
Making the best choice for your retirement will be simpler if you are aware of how your age will impact the amount of your benefits.