In any given year, more than 20% of newly awarded retirees generally claim Social Security as early as possible (i.e., age 62). In turn, they receive the smallest possible benefit based on their personal circumstances. Meanwhile, less than 10% of newly awarded retirees maximize their benefit by delaying until age 70.
Read on to learn exactly how much claim age impacts Social Security payouts.
Will AI create the world’s first trillionaire? Our team just released a report on the one little-known company, called an “Indispensable Monopoly” providing the critical technology Nvidia and Intel both need. Continue »
Image source: Getty Images.
The Social Security Administration periodically publishes anonymized benefit data to promote transparency and improve public understanding. The information in the chart below comes from a biannual report last updated in December 2025. It shows the average monthly Social Security benefit paid to retired workers aged 62 to 80.
Age
Average Retired-Worker Benefit
62
$1,424
63
$1,436
64
$1,478
65
$1,607
66
$1,807
67
$2,016
68
$2,053
69
$2,097
70
$2,275
71
$2,248
72
$2,205
73
$2,208
74
$2,179
75
$2,145
76
$2,157
77
$2,171
78
$2,140
79
$2,156
80
$2,106
Data source: Social Security Administration. Note: Payments have been rounded to the nearest dollar.
There are two noteworthy trends in the chart above. First, the average retired-worker benefit tends to increase between ages 62 and 70. That happens due to differences in claim age. Workers are entitled to Social Security at age 62Â but are not entitled to large possible benefits based on their lifetime earnings until age 70.
Second, the average Social Security benefit begins to decrease after age 70. That happens because payouts are based on lifetime earnings, and wages tend to increase over time. Put differently, younger retirees generally made more money during their careers, so they tend to receive larger Social Security benefits.
The Social Security Administration considers two variables when calculating benefits for retired workers: lifetime earnings and claiming age. The two-step process detailed below explains exactly how those variables influence the final payout.
Step 1: A formula is applied to the inflation-adjusted earnings from the 35 highest-paid years of a worker’s career to determine their primary insurance amount (PIA). The PIA is the benefit a worker will get if they start Social Security at full retirement age (FRA), which is 67 for anyone born in 1960 or later.
Step 2: The PIA is adjusted for early or delayed retirement. Retirees who claim Social Security before FRA get a smaller benefit, meaning they receive less than 100% of their PIA. Workers who start Social Security after FRA get a bigger benefit, meaning they receive more than 100% of their PIA.
Story Continues
There are two important conditions for those rules. First, eligibility for retirement benefits begins at age 62, so no one can claim earlier. Second, delayed retirement credits stop accumulating at age 70, so no one should ever claim later.
The chart below details the relationship between birth year and full retirement age. It also shows the benefit (as a percentage of PIA) retired workers in each age group will receive if they claim Social Security at ages 62 and 70. In other words, it shows the smallest and largest possible payouts across different age groups.
Birth Year
Full Retirement Age
Benefit at Age 62
Benefit at Age 70
1943-1954
66
75%
132%
1955
66 and 2 months
74.2%
130.6%
1956
66 and 4 months
73.3%
129.3%
1957
66 and 6 months
72.5%
128%
1958
66 and 8 months
71.7%
126.6%
1959
66 and 10 months
70.8%
125.3%
1960 and later
67
70%
124%
Data source: The Social Security Administration.
The chart above makes it clear that Social Security is highly dependent on claiming age. Indeed, retirees born in 1960 or later can increase their benefit by 77% by simply claiming Social Security at age 70 as opposed to age 62.
Here is an example: The average retired worker had a PIA of $2,116 in 2024. Assuming a birth year of 1960 or later, that person would receive $1,481 per month if they started Social Security at 62 (i.e., 70% of $2,116). But the same person would receive $2,624 per month if they started Social Security at 70 (i.e., 124% of $2,116).
The exact dollar amounts will vary between people due to differences in lifetime earnings, but the percent increase will remain constant. In this case, $2,624 is 77% larger than $1,481.
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $23,760 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after.
Many Americans leave money on the table in retirement. Learn more about these retirement strategies and more, available when you join Stock Advisor.
View the “Social Security secrets” »
The Motley Fool has a disclosure policy.
Here’s the Average Social Security Benefit at Ages 62 to 80 was originally published by The Motley Fool
