The difference between claiming Social Security as early as possible and waiting for the maximum benefit is significant. As of December 2025, the average benefit for 70-year-olds is $2,274.68 per month, while 62-year-olds receive $1,424.40 per month, according to the Social Security Administration (SSA). That’s a monthly gap of $850.28.
When you look at the annual total, the difference is even more stark. That gap adds up to $10,203.36 per year. While starting early provides checks sooner, each payment is substantially smaller than those received by older beneficiaries in the system.
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A snapshot of monthly benefits by age
The following data comes from the SSA and reflects the average benefits for retired workers as of December 2025, the most recent data available.
| age | overall | men | women |
|---|---|---|---|
| 62 | $1,424.40 | $1,572.83 | $1,285.50 |
| 70 | $2,274.68 | $2,529.62 | $2,024.08 |
A 3.6% cost-of-living adjustment (COLA) will take effect in 2027, which isn’t reflected in the table above. That adjustment will add about $51 a month for a 62-year-old and $82 a month for a 70-year-old on top of those levels. These benefit figures assume a full retirement age (FRA) of 67, which applies to everyone born in 1960 or later.
Social Security was designed to replace about 40% of your pre-retirement income. That share is well short of what most retirees need to cover their costs. Most people rely on savings or other income sources to make up the difference.
The SSA bases your benefit on an average of your wages across your 35 highest-earning years. It adjusts those earlier wages for inflation and runs them through the primary insurance amount (PIA) formula, which is the baseline used to set your monthly check.
How the timing of your claim shifts the math
Full retirement age ranges from 66 to 67, depending on your birth year, and it’s 67 for everyone born in 1960 or later. If your FRA is 67, claiming at 62 results in a permanent 30% reduction. This reduction offsets the fact that you’ll receive checks for more years.
Waiting past your FRA earns delayed retirement credits worth 8% per year. By age 70, you can earn a total increase of 24% over your baseline benefit if your FRA is 67. A worker whose FRA is 66 can earn up to a 32% increase by delaying for four years.
Gender also plays a role in these averages. The average benefit among men at 62 is $1,572.83, compared with $1,285.50 among women, a gap of $287.33. At 70, men average $2,529.62 while women collect $2,024.08. The gap between them is $505.54.
These figures are population snapshots of everyone currently aged 62 or 70. They reflect the average for those age groups now, rather than a specific guarantee of what you’ll collect if you claim at those ages. Lifetime earnings and the specific year you claim will determine your own result.
Life expectancy for those who reach 65 helps frame how long these benefits might last. According to the SSA, men at 65 are expected to live about 18 more years. Women at the same age are expected to live about 21 more years.
Whether you’re 62 or 70, these averages provide a benchmark for how your work history and claiming age compare with your peers’.
Claiming early or claiming late: Which makes the most sense for you?
It’s a common misconception that delaying Social Security until 70 is always your best move. This can be the case if you expect to live into your mid-80s or beyond, and you have enough personal savings or income from a job to cover your living expenses on your own in the meantime.
But if you have a short life expectancy or cannot work and cannot cover your living expenses on your own, signing up early could be the right move. That doesn’t mean you have to sign up immediately at age 62.
You can delay your Social Security claim by a few months or years to permanently increase the size of your benefit. Or you could sign up at your FRA. You won’t get any delayed retirement credits, but you also won’t lose money to the early claiming penalty.
It’s best to compare a few claiming ages before deciding which one is right for you. The easiest way to do this is to create a my Social Security account. There’s a tool there that can help you estimate your benefit at every age between 62 and 70, so you can see how much waiting to apply will be worth to you.
For more on how Social Security affects your retirement, see this guide.
