Here’s the Average Social Security Benefit at Every Age
When it comes to getting the maximum benefits possible, the question of whether or not to delay claiming Social Security payments becomes imperative. The benefit amount can vary depending on if you retire early or wait until age 70.
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According to the Social Security Administration, or SSA, the monthly retirement benefit for Social Security recipients is currently $1,783.55 in 2024 on average. Several factors can drag that average up or down, but you have the most control over the biggest variable of all — the age that you decide to cash in.
For comparison, below is a chart for general assessments of Social Security benefits:
| Type of beneficiary | Average monthly benefit |
| All recipients | $1,783.55 |
| Retirement benefits | $1,872.09 |
| Retired workers | $1,920.48 |
| Survivor benefits | $1,509.36 |
| Nondisabled widow(er)s | $1,784.56 |
| Disability insurance | $1,402.69 |
| Disabled workers | $1,539.92 |
You become eligible for Social Security if you retire at age 62, but you’ll receive a reduced monthly payment by claiming benefits before your full retirement age (FRA), which varies by your date of birth. The average retired worker receives $1,920.48 each month, which is slightly more than Social Security recipients as a whole.
Here’s a breakdown of how the average monthly Social Security checks and benefits could change depending on when you decide to collect.
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The Payments Grow With Every Month You Wait
Someone turning 62 and becoming eligible for Social Security today, however, the full retirement age is 67. Rounding up the current average benefit to $1,784 for the sake of even numbers and presuming that as the full benefit, here’s how a hypothetical recipient’s payment would change between the start of eligibility and full retirement age.
Retirement Age: 62 Years Old
If people born after 1960 claim their benefits the month they turn 62, they’ll get only 70% of what they would have received had they waited until the full retirement age of 67. The average monthly payment of $1,784 drops by 30% during the first month of eligibility to $1,247.40. Here’s the dollar amount, and the percentage of the full benefit it represents, for every month they wait after that.
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62 + 1 month: $1,254.53 (70.4%)
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62 + 2 months: $1,261.66 (70.8%)
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62 + 3 months: $1,270.57 (71.3%)
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62 + 4 months: $1,277.69 (71.7%)
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62 + 5 months: $1,284.82 (72.1%)
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62 + 6 months: $1,291.95 (72.5%)
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62 + 7 months: $1,299.08 (72.9%)
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62 + 8 months: $1,306.21 (73.3%)
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62 + 9 months: $1,315.12 (73.8%)
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62 + 10 months: $1,322.24 (74.2%)
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62 + 11 months: $1,329.37 (74.6%)