Americans who qualify for Social Security based on their own work records can start collecting benefits at any time between when they turn 62 and when they hit 70. But the longer you wait to claim Social Security, the more money you'll receive each month.
With that in mind, here's the average retired worker's Social Security benefit at age 70, and a rundown of what waiting to claim benefits could mean for you.
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The short answer
At the end of 2022 (the latest year for which we have complete data), there were about 2.96 million Social Security beneficiaries who were 70 years old. The average monthly payment for this group was $1,938.49 per month.
However, since that time, there have been two cost-of-living adjustments, or COLAs. In 2023, Social Security beneficiaries received an 8.7% raise, and in January 2024, they got a 3.2% adjustment.
So, while the government hasn't yet published an exact number, based on the 2022 average and factoring in those two COLAs, we can expect that the average benefit this year for 70-year-old beneficiaries will be about $2,175 per month, or $26,100 per year.
Averages don't tell the full story
It's important to point out that this is the average of all retired workers who are currently collecting Social Security benefits and are 70 years old. That group includes people who claimed Social Security as early as 62 -- and whose monthly benefits are permanently reduced by a large percentage as a result -- as well as people who claimed at other ages.
In other words, this isn't the average Social Security benefit of someone who starts collecting their benefit at 70. That would likely be significantly higher.
Effects of waiting until 70
For people born in 1960 or later, what Social Security designates as "full retirement age" is 67 years old. It is slightly less for people born before that year, but is between 66 and 67 for everyone who is not yet retired.
Eligible workers can start collecting Social Security as soon as they turn 62, but if you choose to take it before reaching full retirement age, your monthly benefit will be permanently reduced by a small percentage for each month early you claim. On the other hand, if you want beyond your full retirement age, your benefit will be permanently increased at a rate of 8% for every year you wait (prorated on a monthly basis), up until you turn 70, at which point you stop accruing delayed retirement credits.
Here's what this means to you. Let's say that you were born in 1960 and at 67 you would be entitled to a Social Security benefit of $2,000 per month based on your work record. If you were to wait until age 70 to start collecting your monthly checks, your Social Security income would be 24% higher ($2,480 per month), plus any cost-of-living adjustments that are given in those three years.
For most people, an additional $5,760 per year in inflation-protected retirement income could make a big difference in their financial security.
The bottom line
Waiting as long as possible to claim Social Security can be a winning strategy for retirees. Not only can waiting make your inflation-protected retirement income significantly higher than it otherwise would be, but it can also give you a few extra years to aggressively build your retirement nest egg.
Of course, waiting until 70 to start taking Social Security isn't practical (or necessary) for everyone. But the point is that even waiting an extra year can have a significant impact on your income and lifestyle in retirement.
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