The average Social Security benefit varies significantly depending on the age a worker chooses to claim, with a financial gap separating retirees who file at age 62 versus those who wait until age 70, according to data from the Social Security Administration.
According to a Social Security Administration biannual report updated in December 2025, the average monthly benefit for a retired worker claiming at age 62 stands at $1,424. That figure climbs steadily with each delayed year, reaching $1,607 at age 65, $2,016 at full retirement age, and reaching $2,275 for retirees who wait until age 70.
How Claiming Age Directs Your Monthly Payout
The Social Security Administration calculates retirement checks using a two-step formula anchored by lifetime earnings and claiming age. First, the agency applies a formula to the inflation-adjusted earnings from a worker’s 35 highest-paid career years to determine their primary insurance amount (PIA). The PIA represents the exact benefit a worker receives if they start collecting at their full retirement age—which is set at 67 for anyone born in 1960 or later.
Second, that baseline PIA is adjusted up or down based on whether the recipient files early or delays past full retirement age. Retirees who claim benefits before their full retirement age receive less than 100% of their PIA. Conversely, workers who delay collection earn delayed retirement credits until age 70, pushing their monthly checks well above their baseline PIA.
The Permanent Cost of Early Filing
Filing for benefits at the earliest possible eligibility age of 62 locks in the smallest possible payout based on a worker’s employment history, and that reduction is permanent. Despite this rule, a Nationwide Retirement Institute survey found that four in 10 adults mistakenly believe that early benefits automatically increase once the recipient reaches full retirement age.
For workers born in 1960 or later, claiming at age 62 reduces the benefit to 70% of the primary insurance amount. Waiting until age 70 boosts that same baseline to 124%. According to calculations based on a 2024 average retired-worker PIA of $2,116, a worker in that cohort receives $1,481 per month at age 62, compared to $2,624 per month at age 70—representing a 77% increase for delaying collection.
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