When you make your retirement
plan, you want to think about exactly how much income you’ll have available
to spend as a senior. Social Security benefits are most likely going to be an
important source of your income in your later years, but these benefits may not
be as big as you’d think.
In fact, the average Social Security benefit at the start of 2026 was just
$2,071. Averages could actually vary by age, though, and the average benefit at
71 is higher. It comes in at $2,247.76 per month.
So, why is the average benefit of a 71-year-old higher than the average benefit
of younger retirees, and how do you compare? Here’s what you need to know.
How do average benefits trend?
Average Social Security checks generally tend to increase as you age. In fact,
the average benefit at 62 is $1,424.40, while the average benefit at 67 (full
retirement age for anyone born in 1960 or later) is $2,016.48.
Once you get into very late ages, though, average Social Security benefits begin
to decline again. This happens starting at age 80, when average benefits fall to
$2,106.29 and keep going down from there.
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Why is the average Social Security check higher at 71?
Average benefits generally increase over time because the later you claim your
Social Security checks, the higher your benefits are.
Later claimers boost their benefit by avoiding early-filing penalties that apply
to any benefit claims before full retirement age. Claiming even later also
increases monthly income for retirees because of delayed filing credits that
apply if you wait to claim until after your FRA. These delayed filing credits
could be earned until age 70.
By the time you are 71, there’s no more benefit to waiting to claim Social
Security, as you could only earn delayed filing credits until age 70. Just about
everyone who is eligible has claimed benefits by this time, even higher earners
who could afford to wait until 70 to claim their checks, and even those who
maxed out their delayed retirement credits. So the overall average is higher
because of it.
However, benefits decline as you get older because the averages include everyone
in that age cohort, even people who are much older and who earned less
throughout their career due to wage growth and generational differences, like
fewer higher-earning women in the workforce.
How does your benefit compare to the average 71-year-old?
Now, your own benefit may look very different than the average 71-year-old. That
is because there is a huge variation in the amount of Social Security checks
each retiree is able to collect. In fact, the maximum monthly Social Security
benefit in 2026 is more than double the average, coming in at $5,181 per month.
The factors that could affect your monthly Social Security benefit include:
- Average earnings: Benefits are based on average wages
throughout your 35 highest earning years. The more you earn, and the longer you
earn a high salary, the higher your monthly payments are. - Claiming age: Every month you claim before 70 reduces your
checks. In fact, if you have a full retirement age of 67 and retire at 62 (when
you first become eligible), your standard benefit is reduced by 30%. That brings
the average $2,071 check down to $1,449.70. If you instead waited until 70 to
claim, the average benefit would become $2,568.04 thanks to a 24% benefits
increase. - Whether you claim on your own work history: Some people
don’t claim benefits based on their own work record. You could claim spousal
benefits if your spouse made more money than you. Spousal benefits equal up to
50% of your spouse’s standard benefit. You could also claim survivor benefits if
your spouse passed away, and those benefits may be higher than your retirement
benefits if your spouse earned more than you. - Whether you’re working: If you work when you are under your
full retirement age, your Social Security check could be reduced if you are
above the earnings limits.
You are able to estimate your own Social Security benefit at different ages by
visiting mySocialSecurity.gov to see what income you’re likely to be eligible
for.
Bottom line
If you want to try to beat the average monthly Social Security benefit, or at least max out your own
Social Security income, there are a few things you may be able to do.
Specifically, you could wait as long as possible, and ideally until age 70, to
claim your Social Security payments to max out delayed retirement credits. And,
you could try to earn as much as possible throughout your career to increase
your average wage. If you claim early, you aren’t able to undo that decision.
However, you could optimize other income sources, delay required minimum
distributions (RMDs) where possible, and review whether spousal benefit
coordination makes sense for your situation.
Making strategic choices to increase your payments could help you eliminate some money stress, so it’s worth making the effort to understand how benefits work
and doing what is possible to increase yours.
FAQs
Is Social Security income taxable at age 71?
Yes, Social Security benefits can be taxable at 71, just as they can at any age. Whether you owe taxes depends on your “combined income,” which is your adjusted gross income plus nontaxable interest plus half of your Social Security benefits. If that total exceeds $25,000 (single filers) or $32,000 (married filing jointly), up to 50% of your benefits may be taxable. Above $34,000 for single filers or $44,000 for joint filers, up to 85% of your benefits may be subject to federal income tax. Some states also tax Social Security income, though many do not.
Are there income limits for working and collecting Social Security at 71?
No. Once you have reached full retirement age, you can earn any amount from work without it reducing your Social Security check. The earnings limit that cuts into benefits only applies to people who collect Social Security before they reach full retirement age. At 71, you are well past that threshold, so your monthly benefit is not affected by how much you earn from a job or self-employment.
Can your Social Security benefit still increase after you turn 71?
It can, if you continue to work. Social Security calculates your benefit using your 35 highest-earning years. If you work past 71 and your current earnings are higher than one of those 35 years on your record, the Social Security Administration will automatically recalculate your benefit and increase it accordingly. You do not need to apply for the adjustment. However, delayed retirement credits stop accruing at 70, so waiting longer to claim is no longer a strategy for boosting your check.
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Author Details
Christy Rakoczy Bieber
Christy Rakoczy Bieber is an attorney turned personal finance writer who has spent 17 years helping readers understand Social Security: the claiming rules, the policy shifts, and the fine print that can mean thousands of dollars in lifetime income. Her work has appeared in Kiplinger, Forbes, The Motley Fool, and the Wall Street Journal.
