Your decision to begin receiving Social Security payments at a certain age has a significant impact on how much you get. Your decision about when to make a claim will be aided by carefully evaluating your health, financial requirements, and other retirement plans. If you claim benefits before your full retirement age (FRA), which varies depending on your birth date, you will get a smaller monthly payment from Social Security, even though you would still be eligible if you retire at age 62. Compared to the total number of Social Security users, the average retired worker receives $1,920.48 each month.
Social Security Retirement Age Chart
It becomes crucial to decide whether to delay filing for Social Security benefits in order to receive the maximum benefits available. Depending on whether you wait until you are 70 years old or retire early, the benefit amount may change. As per SSA, avg. monthly retirement payment for Social Security claimants in 2024 will be $1,783.55.
You have the most influence over the largest variable of all: the age at which you choose to cash in. However, a number of variables might cause that average to go up or down. Here is a chart that compares general estimations of Social Security benefits:
| Type of beneficiary | AMB |
| All beneficiaries | $1,783.55 |
| Retirement benefits | $1,872.09 |
| Retired workers | $1,920.48 |
| Survivor payment | $1,509.36 |
| Non-disabled widowers | $1,784.56 |
| DI | $1,402.69 |
| Disabled employees | $1,539.92 |
What is Social Security Retirement Age?
In order to give retirees and those whose eligible spouse has passed away a source of income, the federal government created Social Security. Most of employment take SST from your paycheck; the amount of your Social Security payment depends on how long you have worked and how much you have earned. Your retirement income should come from sources other than Social Security.
To guarantee you have adequate funds when you retire, you could require additional savings, investments, pensions, or retirement accounts. Understand what influences your decision to start receiving Social Security benefits early or to wait until you reach full retirement age.
The answer is simple when it comes to Social Security and when you should begin collecting benefits: It depends. Math, behavioral economics, and probability theory may all be used to determine when to begin receiving benefits. The penalty for taking Social Security benefits before your full retirement age (FRA) can be large, even if you can choose to start receiving payments as early as age 62.
Retirement Age- 62 Years Old
Only 70% of what they would have got if they had waited until FRA of 67 would have been paid to those born after 1960 if they claim payments the month they reach 62. The first month of eligibility results in a 30% decrease in the average monthly payment of $1,784 to $1,247.40. For each month following that, the dollar amount and the percentage of the total benefit it represents are shown below.
- 62 + 1 month: $1,254.53 (70.4%)
- 62 + 2 months: $1,261.66 (70.8%)
- 62 + 3 months: $1,270.57 (71.3%)
- 62 + 4 months: $1,277.69 (71.7%)
- 62 + 5 months: $1,284.82 (72.1%)
- 62 + 6 months: $1,291.95 (72.5%)
- 62 + 7 months: $1,299.08 (72.9%)
- 62 + 8 months: $1,306.21 (73.3%)
- 62 + 9 months: $1,315.12 (73.8%)
- 62 + 10 months: $1,322.24 (74.2%)
- 62 + 11 months: $1,329.37 (74.6%)
Retirement Age: 63 Years Old
75% of your full benefits, or around $1,337 of the average $1,784 monthly payment, will be paid to you if you wait until you are 63.
- 63 + 1 month: $1,343.63 (75.4%)
- 63 + 2 months: $1,350.76 (75.8%)
- 63 + 3 months: $1,359.67 (76.3%)
- 63 + 4 months: $1,366.79 (76.7%)
- 63 + 5 months: $1,373.92 (77.1%)
- 63 + 6 months: $1,381.05 (77.5%)
- 63 + 7 months: $1,388.18 (77.9%)
- 63 + 8 months: $1,395.31 (78.3%)
- 63 + 9 months: $1,404.22 (78.8%)
- 63 + 10 months: $1,411.34 (79.2%)
- 63 + 11 months: $1,418.47 (79.6%)
Retirement Age: 64 Years Old
Waiting until you are 64 will result in you receiving $1,425.60, or 80% of the full average monthly payment of $1784.
- 64 + 1 month: $1,436.29 (80.6%)
- 64 + 2 months: $1,445.20 (81.1%)
- 64 + 3 months: $1,455.89 (81.7%)
- 64 + 4 months: $1,464.80 (82.2%)
- 64 + 5 months: $1,475.50 (82.8%)
- 64 + 6 months: $1,484.41 (83.3%)
- 64 + 7 months: $1,495.10 (83.9%)
- 64 + 8 months: $1,504.01 (84.4%)
- 64 + 9 months: $1,514.70 (85%)
- 64 + 10 months: $1,525.39 (85.6%)
- 64 + 11 months: $1,534.30 (86.1%)
Retirement Age: 65 Years Old
86.7% of the full monthly payment will be paid to those who file at age 65, lowering the average from $1,784 to $1,544.99.
- 65 + 1 month: $1,553.90 (87.2%)
- 65 + 2 months: $1,564.60 (87.8%)
- 65 + 3 months: $1,573.51 (88.3%)
- 65 + 4 months: $1,584.20 (88.9%)
- 65 + 5 months: $1,593.11 (89.4%)
- 65 + 6 months: $1,603.80 (90%)
- 65 + 7 months: $1,614.49 (90.6%)
- 65 + 8 months: $1,623.40 (91.1%)
- 65 + 9 months: $1,634.09 (91.7%)
- 65 + 10 months: $1,643.00 (92.2%)
- 65 + 11 months: $1,653.70 (92.8%)
Retirement Age: 66 Years Old
At age 66, the reduced benefit increases to $1,662.61, or 93.3% of the full average monthly payment of $1,784.
- 66 + 1 month: $1,673.30 (93.9%)
- 66 + 2 months: $1,682.21 (94.4%)
- 66 + 3 months: $1,692.90 (95%)
- 66 + 4 months: $1,703.59 (95.6%)
- 66 + 5 months: $1,712.50 (96.1%)
- 66 + 6 months: $1,723.19 (96.7%)
- 66 + 7 months: $1,732.10 (97.2%)
- 66 + 8 months: $1,742.80 (97.8%)
- 66 + 9 months: $1,751.71 (98.3%)
- 66 + 10 months: $1,762.40 (98.9%)
- 66 + 11 months: $1,771.31 (99.4%)
So when you should to take Social Security?
If you want to live a long life after reaching full retirement age, deferring your Social Security benefits might have obvious advantages. It could need overcoming some behavioral biases, though. An honest estimate of how many years of good health you anticipate in retirement may also be necessary. You should consider your spouse’s possible Social Security benefit as well. Then you will have to figure it out (or at least look at the Social Security retirement age table).
Examine how much you (and your spouse, if appropriate) could get in Social Security benefits at other ages, such as 85, 90, and even 95, and contrast these amounts with the amounts you could receive if you filed at 62, FRA, and 70.
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