Social Security remains a critical component of retirement planning for millions of Americans. In 2025, the average monthly benefit for a retired worker at age 65 is approximately $1,545, which equates to 86.7% of the full retirement benefit of $1,784. Your benefit amount hinges on when you choose to start receiving payments, with timing playing a pivotal role in how much you’ll receive.
Claiming Ages and Benefits
When you choose to claim Social Security has a direct impact on your monthly payout. Here’s a breakdown of how timing affects your benefits:
- Age 62: Claiming benefits as early as age 62 results in a 30% reduction. Instead of receiving the full $1,784, you’d get about $1,247 per month.
- Age 65: At 65, you’d receive $1,545, which is 86.7% of the full benefit. Your payment increases slightly for every month you delay beyond this age. For example, at 65 and 6 months, you’d get $1,604, and by 65 and 11 months, your monthly check would rise to $1,654.
- Full Retirement Age (67): Waiting until your full retirement age (FRA) ensures you receive 100% of your entitled benefit, or $1,784 per month.
- Age 70: Delaying until age 70 maximizes your benefit, boosting it to 124% of the full amount. That’s $2,210 per month, a significant increase.
Power of Waiting
Delaying your Social Security claim can result in a notable financial boost. According to financial advisor Tom Martin, “Each year you delay claiming Social Security after your FRA adds about 8% to your benefit. That can make a huge difference, especially if you anticipate a long retirement.”
If you have the financial flexibility to wait, delaying your benefits can provide hundreds more each month, which could add up to thousands of dollars over the course of your retirement.
Factors to Consider
While waiting until age 70 offers the maximum monthly payout, this strategy isn’t suitable for everyone. Your financial needs, health, and retirement plans play a critical role in determining the right age to claim.
- Immediate Financial Needs: If you require the income earlier to cover living expenses or medical bills, it might make sense to claim earlier.
- Health and Longevity: If you face health challenges or don’t anticipate a long retirement, claiming earlier could be more practical.
- Lifestyle and Goals: Your overall financial strategy should align with your desired retirement lifestyle. For example, if you want to travel or pursue hobbies, having access to funds earlier may be more beneficial.
Planning Ahead
Knowing how your claiming age affects your monthly Social Security check is essential for effective retirement planning. The Social Security Administration provides tools and resources to help you calculate how your benefits adjust depending on when you claim.
Monthly Benefit Growth
| Age | Benefit | Percentage of Full Benefit |
|---|---|---|
| 62 | $1,247 | 70% |
| 65 | $1,545 | 86.7% |
| 65 and 6 months | $1,604 | ~90% |
| 67 (FRA) | $1,784 | 100% |
| 70 | $2,210 | 124% |
Knowing the numbers equips you to make informed decisions about your Social Security benefits. Whether you claim early or wait, aligning your choice with your financial situation and goals will ensure you’re set up for retirement success.
FAQs
What is the full retirement age in 2025?
The full retirement age is 67 for those born after 1960.
How much is the average Social Security benefit at age 65?
It’s approximately $1,545 per month in 2025.
What happens if I claim Social Security at age 62?
Your benefit will be reduced by 30%, down to about $1,247 per month.
How much more will I get by waiting until age 70?
You’ll receive 124% of your benefit, around $2,210 per month.
How can I calculate my Social Security benefits?
Use the Social Security Administration’s online tools to estimate benefits.
