Few factors have a bigger impact on your retirement income than the age you start claiming Social Security.
According to a 2023 Gallup poll, nearly 90% of current retirees rely on benefits in some way. Choosing the right time to file is one of the most important retirement decisions, because the age you start filing can affect your monthly payments by hundreds of dollars.
Age 67 is the full retirement age (FRA) for everyone born after 1960. By applying for FRA, you can receive the full amount of benefits you are eligible for based on your career earnings. Benefits will vary depending on your work history, but it’s helpful to see how much the average person receives at this age.
If you’re looking to collect benefits at age 67, here’s how much the average retiree could receive.
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Average social security benefits by age
Again, FRA is the age at which you can receive full benefits based on your work history. You can claim before or after that age, but this will affect the amount you pay.
If you file as soon as you turn 62, your check will be permanently reduced by up to 30%. If you delay your benefits past your FRA (up to age 70), you will receive your full benefit plus a monthly bonus of 24% or more.
The average retired worker receives about $1,845 per month at age 67, according to the latest data from the Social Security Administration released in December 2022. On average, men collect more than women, receiving $2,055 per month at age 67, compared to $1,638 per month. .
| Year | Average monthly benefit amount (total) | Average monthly income (male) | Average monthly income (female) |
|---|---|---|---|
| 62 | $1,275 | $1,421 | $1,141 |
| 67 | $1,845 | $2,055 | $1,638 |
| 70 | $1,963 | $2,180 | $1,744 |
Data source: Social Security Administration. Table by author.
If you wait a few years to apply, you can receive significantly more money each month than if you filed early. The average retired worker will receive about $570 more per month at age 67 than he did at age 62, but if he just delayed until age 70 a few more years, his average benefit would be That’s an increase of $118 per month compared to a 67-year-old.
Should I receive a pension at age 67?
Age 67 is one of the most popular times to apply because it’s FRA for many people. However, whether you’re at the right age to start receiving Social Security depends on your goals.
If your main goal is to maximize your monthly income, it may be best to wait until age 70 to file. At this age, you can receive the highest possible salary based on your work history, which can be a big help in retirement.
On the other hand, you may choose to retire sooner if you are willing to make financial sacrifices to retire sooner. You don’t have to start contributing to Social Security immediately after you retire, but it can make your retirement more affordable and prevent you from relying completely on savings.
If you’re wondering when to make a claim, age 67 may be a smart compromise. You’ll receive a higher payout than if you filed at age 62, but you’ll also be able to retire a little earlier. Considering that the average worker receives just over $100 a month between the ages of 67 and 70, waiting an additional three years to file is not necessarily financially worth it. not.
The age at which you start claiming Social Security is a very personal decision. Filing at age 67 is a great option for many people, but knowing how your age affects your benefits can make it easier to make the best decision for your situation. Become.
