When deciding when to claim Social Security Benefits by Retirement Age, timing plays a crucial role. The age at which you choose to start receiving payments determines how much you will collect each month.
According to the Social Security Administration (SSA) the average monthly retirement benefit in 2025 is $1,783.55. However this amount varies based on when you start claiming. Retiring early reduces your benefit while delaying until 70 maximizes it.
Social Security Benefits by Retirement Age
The table below outlines how monthly Social Security Benefits by Retirement Age. For this scenario, the average benefit is rounded to $1,784 for simplicity.
| Retirement Age | Monthly Benefit | Percentage of Full Benefit |
| 62 | $1,247.40 | 70% |
| 63 | $1,337.00 | 75% |
| 64 | $1,425.60 | 80% |
| 65 | $1,544.99 | 86.7% |
| 66 | $1,662.61 | 93.3% |
| 67 (Full Benefit) | $1,784.00 | 100% |
| 68 | $1,924.60 | 108% |
| 69 | $2,067.12 | 116% |
| 70 or Older | $2,209.68 | 124% |
For More Social Security Retirement Benefits Check out High-Income Federal Employees: How to Fund Your Roth IRA
Why Delaying Social Security Matters
If you begin collecting benefits at 62 your monthly payment is significantly reduced. However for every month you wait beyond full retirement age (67) your benefit increases by approximately 0.7% up to a maximum of 124% at age 70.
Key Takeaways
- Claiming early reduces your benefit. Retiring at 62 means getting only 70% of the full benefit.
- Waiting increases payouts. At 70 you receive the maximum possible amount (124% of the full benefit).
- Consider your financial situation. If you can afford to wait delaying can significantly increase lifetime benefits.
FAQs:
1. What is the average Social Security benefit in 2025?
As of 2025, the average monthly Social Security retirement benefit is approximately $1,783.55. However, the exact amount varies based on factors like work history and the age you claim benefits.
2. How much will I receive if I claim Social Security at age 62?
If you retire at 62, your monthly benefit is reduced to 70% of the full benefit. Based on an average of $1,784, this would be around $1,247 per month.
3. Does waiting until age 70 increase my Social Security benefits?
Yes, delaying benefits increases your payout. If you wait until age 70, you could receive up to 124% of your full benefit, which could be around $2,209 per month.
Final Words
Delaying Social Security can significantly boost your monthly benefits, while claiming early reduces payouts. Your retirement strategy should align with your financial needs and longevity expectations. Understanding these benefit differences helps you make informed decisions for a stable future. Plan wisely to maximize your Social Security income and ensure financial security in retirement.