A study published in 2022 by the National Bureau of Economic Research concluded that more than 90% of workers ages 45 to 62 would maximize lifetime Social Security income by claiming benefits at age 70. Yet only 10% of newly awarded retirees actually started Social Security at age 70 in 2024, while more than 30% started as soon as they became eligible at age 62.

Read on to see the average retired-worker benefit at ages 62, 67, and 70.

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The average Social Security benefit for retired workers at different ages

The Social Security Administration (SSA) makes anonymized benefit data available to the public to support research and promote transparency. The chart below pulls data from a recently updated biannual report. It shows the average monthly Social Security benefit paid to retired workers between ages 62 and 70 in December 2024.

Source: Social Security Administration. Note: Payments have been rounded to the nearest dollar.

As shown above, the average Social Security payout typically increases with age such that the average 70-year-old retired worker receives an additional $806 per month compared to the average 62-year-old retired worker.

Readers should focus on ages 62, 67, and 70 because they cover the decision-making spectrum: The earliest possible claim age is 62; 70 is the latest rational claim age; and 67 provides a claim age between the two extremes.

The SSA considers several variables when calculating retired-worker benefits, but claim age plays an important role. If all else is equal, retired workers will receive the smallest possible benefit at age 62 and the biggest possible benefit at age 70.

Understanding how your Social Security benefit is calculated

Social Security benefits are based on work history, lifetime earnings, and claim age. Precisely how the SSA uses those variables to determine benefits is detailed in the two-step process below.

• Step 1: The SSA determines the primary insurance amount (PIA) for each worker by applying a formula to their inflation-adjusted income. The PIA is the benefit a worker will receive if they claim Social Security at full retirement age (FRA), which is 67 for anyone born in 1960 or later.
• Step 2: The SSA adjusts the PIA for early or delayed retirement. Workers who claim retirement benefits before FRA get less than 100% of their PIA, and workers who start retirement benefits after FRA get more than 100% of their PIA. There are two stipulations to that rule: No one can claim earlier than 62, and there is no advantage to claiming later than 70.

The chart below shows the relationship between birth year and FRA. It shows the retirement benefit (as a percentage of PIA) a worker will receive if they start Social Security at 62 and 70. In other words, it shows the smallest and largest payout for each FRA group.

Data source: The Social Security Administration.

The lesson here is simple: Workers can substantially increase their retirement benefit by simply delaying Social Security until age 70. For instance, a worker born in 1960 or later will receive 77% more in monthly benefits if they claim at age 70 rather than age 62.

Having said that, claiming Social Security at age 70 is not the right decision for everyone. Retired workers in difficult financial situations may be better off starting benefits at age 62. The same is true of retired workers not expecting to live beyond age 75.

Readers who need personalized advice about when to start Social Security should consult a financial advisor or at least consider different scenarios using a Social Security optimization calculator like Open Social Security.