Here's the Average Social Security Benefit at 62 vs. 70
Claiming at 62 gives you an eight-year head start, but the monthly gap with age 70 is far larger than most realize.
The Social Security Administration reports that the average monthly benefit for individuals claiming at age 70 is $2,274.68, compared to $1,424.40 for those claiming at age 62. This represents a monthly difference of $850.28, or an annual difference of $10,203.36. The SSA calculates benefits based on an average of an individual's 35 highest-earning years, adjusted for inflation, and applying the primary insurance amount formula.
Full retirement age ranges from 66 to 67, depending on birth year, with a 30% reduction if claiming at 62 versus the FRA. Delayed retirement credits add 8% per year, reaching a 24% increase by age 70. Men have higher average benefits than women at both ages, with a gap of $287.33 at 62 and $505.54 at 70. These figures are benchmarks, not guarantees, and life expectancy affects how long benefits may be needed.
For some, delaying benefits until 70 makes sense if they expect to live into their mid-80s and have sufficient savings or income. Others may be better off claiming early. My Social Security account provides estimates for claiming ages between 62 and 70.
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