Average monthly Social Security benefit at age 62: $1,341.61

Many older adults rely on Social Security for their living expenses. Most people can start taking retirement benefits at age 62, which is the earliest age to claim. However, the age when you file can greatly affect how much money you receive each month. Claiming benefits before your full retirement age, which ranges from 66 to 67, will lower your monthly payments. If you choose to wait until after your full retirement age, up to age 70, you could earn more money each month. For example, the average benefit for someone filing at age 62 is $1,341.61. In contrast, at age 67, it increases to $1,929.73, and at age 70, it reaches $2,148.12. This means waiting to claim benefits until age 70 can result in nearly $807 more each month. Delaying Social Security benefits has its perks. The larger monthly checks can provide more financial security throughout retirement, especially if other savings run out. However, taking benefits early can be a good choice for those who want to retire sooner. Early claimants may need the income right away, even if it means lower monthly payments. There is no one-size-fits-all approach to Social Security. Understanding how your claiming age affects your benefits can help you choose the best option for your retirement.