In any given year, over 20% of newly retired individuals choose to claim Social Security benefits at age 62—the earliest possible point. As a result, they receive the lowest monthly payout available based on their personal earnings history. By contrast, less than 10% of retirees wait until age 70, which allows them to secure the maximum benefit.
Read on to understand how the age at which you claim benefits can significantly influence Social Security payments for both men and women.
Here’s the average Social Security benefit for retired men and women at different ages
The Social Security Administration provides anonymized benefit data to promote transparency and public awareness. The figures below are sourced from its biannual report, last updated in December 2025, showing average monthly benefits for retired workers aged 62 through 70.
| Age | Average Retired-Worker Benefit (Men) | Average Retired-Worker Benefit (Women) |
|---|---|---|
| 62 | $1,573 | $1,286 |
| 63 | $1,581 | $1,300 |
| 64 | $1,625 | $1,342 |
| 65 | $1,772 | $1,457 |
| 66 | $1,998 | $1,629 |
| 67 | $2,234 | $1,802 |
| 68 | $2,272 | $1,837 |
| 69 | $2,322 | $1,877 |
| 70 | $2,530 | $2,024 |
Data source: Social Security Administration.
Two key patterns stand out from this data. First, the average benefit increases steadily from age 62 to 70. This is largely due to the timing of claims—while individuals can begin receiving benefits at 62, the highest payout tied to lifetime earnings is only available at age 70.
Second, men consistently receive higher average benefits than women across all age groups. This gap is primarily due to differences in lifetime earnings, as men have historically earned more. Although the gender pay gap has narrowed over time, it remains more noticeable among older retirees. For example, men receive about 25% more than women at age 70 and roughly 22% more at age 62.
Here’s how Social Security retired-worker benefits are calculated
The Social Security Administration determines benefits based on two main factors: lifetime earnings and the age at which benefits are claimed. The process involves two key steps:
Step 1: A formula is applied to inflation-adjusted earnings from the 35 highest-earning years of a worker’s career. This calculation determines the Primary Insurance Amount (PIA), which represents the benefit payable at full retirement age (FRA). For individuals born in 1960 or later, FRA is 67.
Step 2: The PIA is then adjusted depending on when benefits are claimed. Claiming before FRA results in a reduced benefit (less than 100% of PIA), while delaying beyond FRA increases the payout (more than 100% of PIA).
There are two important rules to note. First, benefits cannot be claimed before age 62. Second, delayed retirement credits stop accumulating at age 70, meaning there is no advantage to claiming later than that.
Benefit Percentages Based on Claim Age
The table below shows how birth year affects full retirement age and the percentage of PIA received when claiming at ages 62 and 70.
| Birth Year | Full Retirement Age | Benefit at Age 62 | Benefit at Age 70 |
|---|---|---|---|
| 1943-1954 | 66 | 75% | 132% |
| 1955 | 66 and 2 months | 74.2% | 130.6% |
| 1956 | 66 and 4 months | 73.3% | 129.3% |
| 1957 | 66 and 6 months | 72.5% | 128% |
| 1958 | 66 and 8 months | 71.7% | 126.6% |
| 1959 | 66 and 10 months | 70.8% | 125.3% |
| 1960 and later | 67 | 70% | 124% |
Data source: Social Security Administration.
This data highlights how significantly claim age impacts benefits. For individuals born in 1960 or later, waiting until age 70 instead of claiming at 62 can increase monthly payments by as much as 77%.
Example of Benefit Differences
Consider an example: In 2024, the average retiree had a PIA of $2,116. For someone born in 1960 or later:
- Claiming at age 62 would result in a monthly benefit of $1,481 (70% of $2,116).
- Waiting until age 70 would increase the monthly benefit to $2,624 (124% of $2,116).
While actual benefit amounts vary depending on earnings history, the percentage increase remains consistent. In this case, the later claim results in a 77% higher payout.
The $23,760 Social Security Bonus Most Retirees Miss
Many Americans are behind on retirement savings, but there are lesser-known strategies that can significantly boost income.
By understanding how to maximize Social Security benefits, retirees may increase their annual income by as much as $23,760. Learning these strategies can help individuals retire with greater financial security and confidence.