Here’s What the Typical Social Security Payment Looks Like at Ages 62, 65, and 70

It's clear that Social Security will play a role in your retirement income, but figuring out your exact benefit amount can be challenging. This uncertainty can make it difficult to determine how much additional savings you'll need to cover your expenses.

The good news is, there are certain elements in the Social Security calculation you can use to boost your monthly payments. One of the most significant is the age at which you start collecting benefits. To see how this impacts your payments, let's compare the average monthly amounts for people claiming at ages 62, 65, and 70.

How the age you claim affects your Social Security payments

While you can begin receiving Social Security at 62, you'll only get your full benefit if you wait until your full retirement age (FRA), which is determined by your year of birth. The following table outlines the FRA for different birth years:

Data source: Social Security Administration.

If you start collecting benefits before reaching your FRA, your monthly payments are reduced. For each month you claim early, your benefit is cut by five-ninths of 1% (which totals 6.67% per year) for up to 36 months. If you claim more than three years early, the reduction is five-twelfths of 1% per month (or 5% per year) for each additional month.

For example, if your FRA is 67 and you begin collecting at 62, your monthly benefit could be reduced by as much as 30%. Many people don't realize this reduction is usually permanent, though annual cost-of-living adjustments (COLAs) will still apply.

Alternatively, you can postpone claiming Social Security past your FRA. Doing so increases your benefit by two-thirds of 1% for each month you wait (or 8% per year), up until age 70, when you reach your maximum possible benefit. If your FRA is 67, waiting until 70 could boost your monthly payments by up to 24%.

Average monthly benefits at ages 62, 65, and 70

The impact of your claiming age becomes clear when you look at the average benefits for different ages. As of December 2024, the average Social Security recipient received $1,975 per month, but those who claimed early received much less.

At age 62, the average monthly benefit was just $1,342, while those claiming at 65 received $1,611. The pattern of higher benefits for older claimers continues, with 70-year-olds receiving an average of $2,148 per month.

Assuming a life expectancy of 85, someone who starts benefits at 62 would collect a total of $370,392 over their lifetime, while those starting at 65 or 70 would each receive about $386,640.

However, delaying your claim isn't always the right move. Your personal finances matter. If you can't keep working and have limited savings, waiting may not be realistic. In such cases, claiming early—even with a smaller total benefit—can help you cover your expenses and maintain stability.

Life expectancy is another key factor. If you have a serious health condition, claiming earlier could actually result in a higher total payout. For instance, if you expect to live only to 75, a 62-year-old would receive $209,352, while a 70-year-old would get just $128,880 over their lifetime.

In general, if you can afford to wait and expect to live into your 80s or longer, delaying Social Security until your FRA or later will likely maximize your benefits. But if that's not possible or your health is poor, claiming earlier might be the better choice for you.