What is the average Social Security Check by age? Does it matter when you decide to start collecting Social Security? Do I get more money if I wait until the full retirement age? How much will I get in Social Security if I start collecting benefits at age 62? What if I wait until age 70? In this post, we will answer all these questions, plus provide a table of the average Social Security Amount by Age – including ages 62, 63, 64, 65, 66, 67, 68, 69, 70, and more.
Table of Contents:
- When You Start Collecting Social Security Matters
- Average Social Security Amount by Age
- Collecting Social Security at Age 62
- Benefits of Collecting Social Security at Full Retirement Age
- The Full Retirement Age based on Year You Were Born
When You Start Collecting Social Security Matters
The age you begin receiving your retirement benefit affects how much you will receive in monthly Social Security benefits.
There are three factors about when you retire that affect the benefits you receive:
Full Retirement Age
Full retirement age, or FRA, is the age when you are entitled to 100 percent of your Social Security benefits.
Depending on the year you were more, your Social Security full retirement age is between age 65 and 67.
Claiming Social Security benefits before the full retirement age will lower your monthly payments.
You can increase your retirement benefits by waiting past your FRA to retire.
Early Retirement Age
You can start receiving your Social Security retirement benefits as early as age 62.
However, your benefit amount will be cut. That’s because you are collecting benefits earlier than your full retirement age (FRA).
Delayed Retirement Age
When you delay benefits beyond your full retirement age, the amount of your retirement benefit will continue to increase up until age 70.
There is no incentive to delay claiming your Social Security benefits after age 70.
Average Social Security Amount by Age
As you can see below, the average Social Security check at age 62 is $1,130.
Also, the average Social Security check at age 65 is $1,321, while the average check at age 66 is $1,489.
Furthermore, the average Social Security check at age 67 is $1,504 while the average check at age 70 is $1,612.
Below is the average Social Security check by age for 2020, according to this Motley Fool report:
| Age | Average Benefit | Age | Average Benefit |
|---|---|---|---|
| 62 | $1,130 | 81 | $1,515 |
| 63 | $1,161 | 82 | $1,494 |
| 64 | $1,229 | 83 | $1,459 |
| 65 | $1,321 | 84 | $1,426 |
| 66 | $1,489 | 85 | $1,415 |
| 67 | $1,504 | 86 | $1,415 |
| 68 | $1,522 | 87 | $1,431 |
| 69 | $1,522 | 88 | $1,435 |
| 70 | $1,612 | 89 | $1,430 |
| 71 | $1,627 | 90 | $1,430 |
| 72 | $1,615 | 91 | $1,435 |
| 73 | $1,618 | 92 | $1,444 |
| 74 | $1,592 | 93 | $1,442 |
| 75 | $1,576 | 94 | $1,435 |
| 76 | $1,568 | 95 | $1,435 |
| 77 | $1,574 | 96 | $1,415 |
| 78 | $1,570 | 97 | $1,409 |
| 79 | $1,563 | 98 | $1,399 |
| 80 | $1,536 | 99 and over | $1,422 |
Collecting Social Security at Age 62
The table below shows the effect of early retirement on Social Security benefits for both a retired worker and his/her spouse if they start collecting benefits at age 62.
For this illustration, a Social Security benefit amount of $1,000 at Full Retirement is used.
| Year of birth a | Normal (or full) retirement age | Number of reduction months b | Primary | Spouse | ||
|---|---|---|---|---|---|---|
| Amount | Percent reduction c | Amount | Percent reduction d | |||
| 1937 or earlier | 65 | 36 | $800 | 20.00% | $375 | 25.00% |
| 1938 | 65 and 2 months | 38 | 791 | 20.83% | 370 | 25.83% |
| 1939 | 65 and 4 months | 40 | 783 | 21.67% | 366 | 26.67% |
| 1940 | 65 and 6 months | 42 | 775 | 22.50% | 362 | 27.50% |
| 1941 | 65 and 8 months | 44 | 766 | 23.33% | 358 | 28.33% |
| 1942 | 65 and 10 months | 46 | 758 | 24.17% | 354 | 29.17% |
| 1943-1954 | 66 | 48 | 750 | 25.00% | 350 | 30.00% |
| 1955 | 66 and 2 months | 50 | 741 | 25.83% | 345 | 30.83% |
| 1956 | 66 and 4 months | 52 | 733 | 26.67% | 341 | 31.67% |
| 1957 | 66 and 6 months | 54 | 725 | 27.50% | 337 | 32.50% |
| 1958 | 66 and 8 months | 56 | 716 | 28.33% | 333 | 33.33% |
| 1959 | 66 and 10 months | 58 | 708 | 29.17% | 329 | 34.17% |
| 1960 and later | 67 | 60 | 700 | 30.00% | 325 | 35.00% |
As you can see from the table above, depending on the year you were born, you’ll receive between 20 and 30 percent less per month if you collect Social Security benefits at age 62 than if you wait until full retirement age to begin collecting benefits.
Benefits of Collecting Social Security at Full Retirement Age
If you collect Social Security early and earn income from work that exceeds the income limit, Social Security will deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2022, that limit is $19,560.
In the year you reach full retirement age, Social Security will deduct $1 in benefits for every $3 you earn above a different limit.
In 2022, this limit on your earnings is $51,960.
The Full Retirement Age based on Year You Were Born
You can start receiving your Social Security retirement benefits as early as age 62.
However, if you start receiving benefits early, your benefits are reduced.
If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Here’s a breakdown of the full retirement age by birth year.
For those born in 1960 or later, the full retirement age is 67.
| Full Retirement Age | |
| Birth Year | Full Retirement Age |
| 1943-1954 | 66 years old |
| 1955 | 66 and two months |
| 1956 | 66 and four months |
| 1957 | 66 and six months |
| 1958 | 66 and eight months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 years old |
Average Social Security Amount by Age Summary
We hope you found value in this post on Average Social Security Amount by Age.
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Finally, be sure to check out our other articles about Social Security and Disability Benefits, including:
