Unveiling the Average Social Security Benefit at 62, 67, and 70: A Guide for Families

Jana Sanford
Published Jun 27, 2024

Social Security benefits play a crucial role in providing financial support to retirees and their families. Understanding the differences in benefit amounts based on the age at which you start claiming can help you make informed decisions about retirement planning.

This resource aims to provide insight into the average Social Security benefits at ages 62, 67, and 70, and how they can support you and your family.

Average Benefits at Age 62

Claiming Social Security benefits at age 62, the earliest age possible, means you will receive reduced monthly payments. On average, individuals who start claiming benefits at 62 receive about $1,200 per month.

This reduction occurs because you are opting to receive benefits before reaching full retirement age (FRA), which is between 66 and 67, depending on your birth year.

Choosing to claim benefits early might be beneficial if you need immediate income due to health issues, unemployment, or other financial challenges.

However, it’s important to note that early claiming results in a permanent reduction in monthly benefits, which can impact long-term financial stability.

Average Benefits at Age 67

Waiting until your full retirement age (FRA), typically around age 67, allows you to receive 100% of your Social Security benefits.

The average monthly benefit for someone claiming at this age is approximately $1,500.

Reaching FRA means you avoid the reduction that comes with early claiming, providing a more substantial monthly income.

For many, claiming at FRA strikes a balance between having access to funds sooner and maximizing the monthly benefit amount.

It can be a critical strategy for families aiming to secure a stable financial future, especially if other retirement savings are limited.

Read: How To Get The Most Out Of Your Senior And Retirement Benefits

Average Benefits at Age 70

Delaying Social Security benefits until age 70 results in the highest possible monthly payments. On average, individuals who wait until 70 receive about $1,900 per month.

This increase is due to delayed retirement credits, which raise your benefit amount by about 8% for each year you delay after reaching FRA, up to age 70.

This strategy can significantly boost retirement income, providing more substantial support in later years.

Don't miss: The Ultimate Guide To Tax-Free Retirement: States That Don't Tax Social Security Income

For families, this can be particularly beneficial, offering higher monthly income to cover healthcare costs, living expenses, and other needs.

Beyond Social Security, several government programs can further support retirees and their families:

  1. Medicare: Available at age 65, Medicare provides essential health insurance coverage. It's crucial to plan for this transition to ensure you have the necessary healthcare support.

  2. Supplemental Security Income (SSI): For those with limited income and resources, SSI offers additional financial assistance to meet basic needs.

  3. Veterans Benefits: If you or your spouse served in the military, the Department of Veterans Affairs provides various benefits, including pensions, healthcare, and disability compensation.


Understanding the average Social Security benefits at different claiming ages can help you make informed decisions about your retirement strategy.

By considering the needs of your family and the additional government benefits available, you can create a comprehensive plan that ensures financial stability and support throughout your retirement years.

Previous article: Maximizing Your Earned Income Tax Credit (EITC) Potential

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