One of the biggest questions for those about to retire is when to take Social Security. But when it comes to filing for benefits, cheating off your neighbor may be the worst choice you could make. That’s because most Americans are reducing their total lifetime benefit by filing earlier than full retirement age, even if it may make financial sense for them at the time.
Here’s the average age Americans filed for Social Security benefits in 2022 and the average benefit they received.
What’s the average age Americans take Social Security?
Here’s the number of American retired workers who newly claimed Social Security in 2022 and their average monthly benefit.
| Age | Number (percentage of total) | Average benefit |
|---|
| 62 | 807,587 (27.3%) | $1,287.61 |
| 63 | 222,908 (7.5%) | $1,510.29 |
| 64 | 238,163 (8.0%) | $1,625.03 |
| 65 | 388,996 (13.1%) | $1,874.56 |
| 66 | 1,182,692 (24.7%) | $2,039.86 |
| 67 | 122,918 (4.1%) | $2,399.86 |
| 68 | 74,743 (2.5%) | $2,594.74 |
| 69 | 66,638 (2.2%) | $2,806.90 |
| 70-74 | 302,327 (10.2%) | $3,065.48 |
| 75+ | 6,317 (0.2%) | $1,185.00 |
Source: Annual Statistical Supplement to the Social Security Bulletin, 2023
You can see spikes in retired workers filing for benefits at key points in the program:
- At age 62, when they become eligible to file for benefits
- At age 66, when many hit full retirement age
- At age 70, when they can no longer increase their monthly benefit by waiting
Retired workers can increase their payout by waiting longer to claim their benefits. You can see the cost of filing early above, with the average benefit at 62 much lower than at full retirement age, which is between 66 and 67 years, depending on your birth year between 1955 and 1959.
In any case, the average benefit rises for each age group, up to the maximum of age 70, when you no longer accrue additional benefits for waiting. Surprisingly, some Americans filed at age 75 or later, perhaps because they didn’t know about the rules or because they had not accrued enough work credits to participate. Typically, it requires 10 years’ worth of work to file.
When the Social Security Administration boils all those figures down, the weighted average age of all newly retired workers filing for benefits was about 65 years in 2022.
- In 2022, the average was 65.1 years for men, while for women it was about 65.0 years.
- In 1998, the average filing age for men was 63.4 years and for women 63.5 years.
So the average age of retired workers claiming new benefits has risen substantially since 1998.
What is the best age to file for Social Security?
The best age to file for benefits is a hotly debated topic, and the answer depends so heavily on your goals and circ*mstances. For context, the average Social Security benefit for retired workers came to about $1,905 per month in December 2023.
- If you can afford to wait, then filing as late as possible – age 70 – can make a lot of sense. Your monthly benefit will increase for every month you delay claiming it. For every year you wait past full retirement, you’ll get an extra 8 percent on your check.
- If you need to file earlier, then you’ll receive less money for each month before your full retirement age. But it may be the best course of action, given your financial situation.
While unquestionably you’ll get a larger monthly check if you wait longer, you may not max out your lifetime earnings that way, due to a shortened longevity. But if you anticipate living a long time – perhaps due to strong genetics or a healthy lifestyle – then you could end up receiving much more from Social Security by waiting as long as possible to file for benefits.
So based on your expected lifetime you could run a break-even analysis to determine the best age for you to claim Social Security. As an approximation, if you filed for benefits at age 62 versus age 70, it would take until about age 78 for you to receive the same cumulative benefits.
If you can reach that age, then it begins to make more sense to file for benefits later (versus age 62), if your goal is to maximize your lifetime payout and you can afford to wait that long.
Of course, those are the two most extreme points to file for benefits, and the breakeven age would extend further if you waited to, say, age 67 before filing benefits. At full retirement age you would earn your full benefit, and the gap between your paycheck and at age 70 would close at a later age, meaning there would be a greater chance that you would not survive until then.
This Social Security calculator can help you estimate how much you could earn annually.
Bottom line
While the average age for retired workers to take Social Security is 65, that doesn’t mean it’s the best option for you. You’ll need to consider your own financial needs and circ*mstances. To that end, working with a financial advisor can help you make smart choices with minimal trade-offs. Bankrate’s financial advisor matching tool can help match you with an advisor in minutes.
FAQs
Age 66. Unsurprisingly, beginning to collect when you're eligible for full Social Security retirement benefits was the most popular option for both sexes, with 28.4% of men and 26.5% of women beginning at this age in 2022.
What is the most popular age to collect Social Security? ›
Age 66. Unsurprisingly, beginning to collect when you're eligible for full Social Security retirement benefits was the most popular option for both sexes, with 28.4% of men and 26.5% of women beginning at this age in 2022.
What is the smartest age to collect Social Security? ›
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Is it better to take Social Security at 69 or 70? ›
With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70. In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months.
At what age do you get 100% of your Social Security? ›
The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67.
At what age is Social Security no longer taxed? ›
While you may have heard at some point that Social Security is no longer taxable after 70 or some other age, this isn't the case. In reality, Social Security is taxed at any age if your income exceeds a certain level.
What is the #1 reason to take Social Security at 62? ›
Consider taking Social Security benefits earlier if . . .
You're in poor health and don't expect the surviving member of the household to make it to average life expectancy. You're the lower-earning spouse, and your higher-earning spouse can wait to file for a higher benefit.
What is the 5 year rule for Social Security? ›
If you become disabled before your full retirement age, you might qualify for Social Security disability benefits. You must have worked and paid Social Security taxes in five of the last 10 years.
What is a good monthly retirement income? ›
The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. Some valuable perspective can be found in the 2022 US Census Bureau's median income for couples 65 and over: $76,490 annually or about $6,374 monthly.
When a husband dies, does his wife get his Social Security? ›
Surviving spouse, any age, with a child younger than age 16, gets 75% of the worker's benefit amount. Child gets 75% of the worker's benefit amount. There's a limit to the benefits we can pay to you and other family members each month. The limit varies between 150% and 180% of the deceased worker's benefit amount.
The maximum Social Security check
Your maximum benefit if you file at full retirement age – between 66 and 67 – is $3,822 per month. Your maximum benefit if you file at age 70 – the age when extra benefits stop accruing – is $4,873 per month.
What is the average Social Security check? ›
Social Security offers a monthly benefit check to many kinds of recipients. As of July 2024, the average check is $1,782.74, according to the Social Security Administration — but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.
What age do most take Social Security? ›
When the Social Security Administration boils all those figures down, the weighted average age of all newly retired workers filing for benefits was about 65 years in 2022. In 2022, the average was 65.1 years for men, while for women it was about 65.0 years.
Is it worth delaying Social Security to age 70? ›
If you start receiving retirement benefits at age: 67, you'll get 108 percent of the monthly benefit because you delayed getting benefits for 12 months. 70, you'll get 132 percent of the monthly benefit because you delayed getting benefits for 48 months.
What happens if I don't apply for Social Security at age 70? ›
Waiting beyond age 70 will not increase your benefits. You can claim your retirement benefits now. Because you are age 70 or older, you will receive no additional benefit increases if you continue to delay claiming them.
What percentage of people wait until age 70 to collect Social Security? ›
Research has found only about 8% of beneficiaries delay until age 70, the highest possible age to claim benefits, according to Ghilarducci. Because Social Security benefits are one of the few sources of guaranteed income for many retirees, having smaller monthly checks can make them more financially vulnerable.
What is the most beneficial age to retire? ›
67-70 – During this age range, your Social Security benefit, if you haven't already taken it, will increase by 8% for each year you delay taking it until you turn 70. So, if your benefit will be, say, $2,500/month if you start at your full retirement age, it would be more than $3,300/month if you can wait.
