Apparently, only about 10% of pre-retirees in the United States plan to wait until age 70 to claim their Social security benefitsaccording to the 2023 Schroders U.S. Retirement Survey. You might think that's no big deal, but according to a 2019 report from the folks at United Income, 57% of retirees studied would have obtained the greatest number of lifetime benefits they would no longer have benefited from Social Security if they had waited until age 70 to start taking it.
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When you apply for your benefits, it makes a big difference whether your benefit checks increase or decrease. The table below shows how much of your full benefits you will receive based on when you claim them and your full retirement age.
|
Age you start receiving benefits |
Percentage of total benefits received (FRA of 66) |
Percentage of total benefits received (FRA of 67) |
|---|---|---|
|
62 |
75% |
70% |
|
63 |
80% |
75% |
|
64 |
86.7% |
80% |
|
65 |
93.3% |
86.7% |
|
66 |
100% |
93.3% |
|
67 |
108% |
100% |
|
68 |
116% |
108% |
|
69 |
124% |
116% |
|
70 |
132% |
124% |
Source: Social Security Administration.
For more context, let's put some dollar amounts in the table.
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The average monthly Social Security retirement benefit was $1,924 in October, or $23,088 per year.
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At the end of 2023, the average monthly Social Security retirement benefit for 66-year-olds was $1,740, or $20,880 for the year.
-
The average monthly benefit for 62-year-old recipients was $1,380, or $16,560 for the year. 62 is the earliest age you can claim your retirement benefit.
-
The average monthly benefit for 70-year-old recipients was $2,022, or $24,264 for the year. There is no point in waiting to claim beyond age 70, as no additional deferred retirement credits will accrue.
You can get a much clearer idea of how much You can be expected by setting up a my social security account on the Social Security Administration (SSA) website. This will allow you to see the latest estimates of your future benefits and how they will vary depending on when you choose to start collecting them.
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