Average Social Security Benefit at Different Ages: From 62 to 70 Years
The Social Security Administration provides data on the average monthly benefit for retired workers at every possible claiming age between 62 and 70. For someone with a Full Retirement Age (FRA) of 67, benefits grow by 5/12 of 1% per month between ages 62 and 64, by 5/9 of 1% per month between ages 64 and 67, and by 2/3 of 1% per month between ages 67 and 70.
Claiming Social Security benefits before FRA, generally between ages 66 and 67, results in permanently reduced monthly benefits, while delaying claims past FRA up to age 70 increases monthly benefits by up to 8% per year. This timing significantly affects total lifetime benefits received.
Early Claiming: Reduced Monthly Benefits
Early claiming, as early as age 62, reduces monthly benefits. The reduction is about 5/9 of 1% per month for the first 36 months before FRA, and 5/12 of 1% per month beyond that. For example, claiming at 62 instead of 67 can reduce monthly benefits by roughly 30% or more.
Delayed Claiming: Increased Monthly Benefits
On the other hand, delaying claiming benefits beyond FRA until 70 increases monthly benefits. For each year delayed past FRA, monthly benefits grow by 7-8%, amounting to a maximum increase of about 32% at age 70.
Lifetime Benefits: A Trade-Off
Total lifetime benefits depend on lifespan and claim timing. Early claiming provides smaller monthly checks for more years, while late claiming yields larger checks for fewer years. People with longer lifespans generally benefit financially from delaying claims, while those with shorter expected lifespans may receive more by claiming early.
Recent trends show more Americans claim early due to fears about Social Security’s financial health, which can reduce their lifetime benefits. Despite concerns, Social Security continues to pay benefits, though program trust funds may face reduced solvency in the 2030s.
The Social Security Fairness Act
The Social Security Fairness Act, passed earlier in the year, increased benefits significantly for some retirees. A National Bureau of Economic Research (NBER) survey found that 90% of Americans would collect the largest amount of Social Security over their lifetime by waiting until 70 to file.
If a person believes their life expectancy will be shorter than average, they may collect more in lifetime benefits claiming at 62 than by foregoing years of payments to increase the size of their monthly checks. Estimating your lifetime benefit can be done by choosing a claiming age, multiplying the monthly benefit by 12, and then multiplying that by the number of years you expect to collect.
Spousal Benefits
Unlike retirement benefits, spousal benefits stop growing at FRA. You cannot claim a spousal benefit unless your partner is already on Social Security. In some cases, when a higher earner files for Social Security, the lower earner becomes eligible for a spousal benefit that may be worth more than what they're already getting.
The data is as of Dec. 2024, and all benefits are rounded to the nearest dollar. The my Social Security account provides a tool that gives benefit projections at every claiming age based on an individual's income history and future income projections that can be adjusted.
[1] Social Security Administration. (n.d.). Retirement benefits. Retrieved from https://www.ssa.gov/planners/retire/
[2] Social Security Administration. (n.d.). Life expectancy. Retrieved from https://www.ssa.gov/oact/STATS/table4c6.html
[3] Social Security Administration. (n.d.). Early or delayed retirement. Retrieved from https://www.ssa.gov/planners/retire/delayret.html
[4] Social Security Administration. (n.d.). Trust fund operations. Retrieved from https://www.ssa.gov/oact/tr/
[5] AARP. (n.d.). How delaying Social Security retirement benefits can increase your income. Retrieved from https://www.aarp.org/retirement/social-security/info-2019/delay-social-security-benefits.html
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