In any given year, more than 20% of newly awarded retirees generally claim Social Security benefits at age 62 (i.e., as early as possible). In turn, they receive the smallest possible benefit based on their personal circumstances. Meanwhile, fewer than 10% of newly awarded retirees maximize their benefit by delaying until age 70.
Read on to learn exactly how much claim age affects Social Security payouts for retired men and women.
Image source: Getty Images.
Here’s the average Social Security benefit for retired men and women at different ages
The Social Security Administration publishes anonymized benefit data for transparency and to educate the public. The information in the chart below comes from a biannual report that was most recently updated in December 2025. It shows the average monthly Social Security benefit paid to retired workers aged 62 to 70.
Age
Average Retired-Worker Benefit (Men)
Average Retired-Worker Benefit (Women)
62
$1,573
$1,286
63
$1,581
$1,300
64
$1,625
$1,342
65
$1,772
$1,457
66
$1,998
$1,629
67
$2,234
$1,802
68
$2,272
$1,837
69
$2,322
$1,877
70
$2,530
$2,024
Data source: Social Security Administration.
There are two noteworthy trends in the chart. First, the average retired-worker benefit generally increases from ages 62 and 70. The primary reason for that is differences in claim age. Workers are entitled to Social Security at age 62, but they are not entitled to the largest possible benefit based on their lifetime earnings until age 70.
Second, the average retired-worker benefit paid to men tends to be higher than the average retired-worker benefit paid to women at any given age. The primary reason for that is differences in lifetime earnings. Men tend to earn more than women, though the gender pay gap has narrowed slightly in recent decades, so the discrepancy is more pronounced in older age groups. For instance, the average retired-worker benefit paid to men is 25% higher at age 70, but 22% higher at age 62.
Here’s how Social Security retired-worker benefits are calculated
The Social Security Administration considers both the variables I just mentioned when calculating retired-worker benefits: lifetime earnings and claim age. The two-step process detailed below explains exactly how those two variables come together to 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.
There are two important conditions to keep in mind. 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 get if they claim Social Security at ages 62 and 70. In other words, the chart details 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: Social Security Administration.
The chart above makes it clear that Social Security benefits are highly dependent on claim age. Indeed, retired workers born in 1960 or later can increase their payout by 77% by claiming Social Security at age 70 rather than age 62.
Consider this example: The average retiree 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 age 62 (i.e., 70% multiplied by $2,116). But the same person would receive $2,624 per month if they started Social Security at age 70 (i.e., 124% multiplied by $2,116).
The precise dollar amounts will vary widely due to differences in lifetime earnings, but the percent increase will remain constant. In this case, $2,624 is 77% larger than $1,481.
