Social Security benefits can vary significantly based on a variety of factors, including your earnings history, the age at which you begin to claim benefits, and the year in which you start receiving them. However, I can provide some general information about average benefits for people starting at different ages.
As of 2024, the average Social Security benefits for retirees at different claiming ages are approximately:
- Age 62 (Early Retirement): The average monthly benefit is around $1,600. Claiming benefits at this age means you’ll receive a reduced amount compared to what you’d get if you waited until your full retirement age or later.
- Age 67 (Full Retirement Age): For those whose full retirement age is 67 (born in 1960 or later), the average benefit is about $2,300. This amount is based on earning a typical lifetime wage history and starting benefits at the full retirement age.
- Age 70 (Delayed Retirement): The average benefit for someone starting at age 70 is approximately $3,000. By waiting until age 70, you earn delayed retirement credits, which increase your monthly benefit amount significantly compared to starting at age 67.
These figures are rough averages and can vary based on individual earnings records, the Social Security Administration’s adjustments for inflation, and other factors. For precise information tailored to your situation, you can use the Social Security Administration’s online calculators or consult with a financial advisor.
Maximum Social Security Benefits at Ages 62
The maximum Social Security benefit you can receive at age 62 is subject to your earnings history and the Social Security Administration’s (SSA) rules. As of 2024, the maximum monthly Social Security benefit for someone retiring at age 62 is approximately $2,570.
This maximum amount is based on the highest earnings on which you paid Social Security taxes over your lifetime. Because benefits at age 62 are reduced compared to waiting until your full retirement age (FRA) or age 70, the maximum benefit you could receive if you claim at 62 is lower than the maximum benefit available if you claim later.
To get the highest possible benefit, you would need to have had the maximum taxable earnings for at least 35 years, which is the number of years used to calculate the benefit amount.
Maximum Social Security Benefits at Age 70
As of 2024, the maximum Social Security benefit you can receive at age 70 is approximately $4,555 per month.
This amount assumes you have had the maximum taxable earnings for at least 35 years and have waited until age 70 to start receiving benefits. Waiting until age 70 to claim Social Security allows you to receive delayed retirement credits, which increase your monthly benefit amount significantly compared to what you would receive at your full retirement age (FRA) or earlier.
It’s important to remember that the actual amount you receive can vary based on factors such as your earnings history, the cost-of-living adjustments made each year, and any changes in Social Security rules. For personalized estimates, you can use the Social Security Administration’s online calculators or check your Social Security statement.