Americans first need to understand the ins and outs of how Average Social Security benefits are calculated, be aware of how much the Average Social Security benefit retired workers are bringing home at age 67, and appreciate how important claiming age is to this equation.

 

You become eligible for Average Social Security Benefit at 62

The payments average social security benefit will grow with every month you wait. Someone turning 62 and becoming qualified for the Average Social Security Benefit today was born in 1961. For those born in 1960 or later, the full retirement age is 67.

Turning up the existing Average Social Security Benefit to $1,782 for the sake of even numbers and presuming that as the full benefit, here’s how a hypothetical recipient’s payment would change between the start of eligibility and full retirement age.

Here’s the dollar amount, and the percentage of the full Average Social Security Benefit it represents, for every month they wait after that.

• 62 + 1 month: $1,254.53 (70.4%)
• 62 + 2 months: $1,261.66 (70.8%)
• 62 + 3 months: $1,270.57 (71.3%)
• 62 + 4 months: $1,277.69 (71.7%)
• 62 + 5 months: $1,284.82 (72.1%)
• 62 + 6 months: $1,291.95 (72.5%)
• 62 + 7 months: $1,299.08 (72.9%)
• 62 + 8 months: $1,306.21 (73.3%)
• 62 + 9 months: $1,315.12 (73.8%)
• 62 + 10 months: $1,322.24 (74.2%)
• 62 + 11 months: $1,329.37 (74.6%)

63 Years Old

If you wait until you’re 63, you’ll get 75% of your full Average Social Security Benefit, which is $1,336.50 of the average $1,782 monthly payment.

• 63 + 1 month: $1,343.63 (75.4%)
• 63 + 2 months: $1,350.76 (75.8%)
• 63 + 3 months: $1,359.67 (76.3%)
• 63 + 4 months: $1,366.79 (76.7%)
• 63 + 5 months: $1,373.92 (77.1%)
• 63 + 6 months: $1,381.05 (77.5%)
• 63 + 7 months: $1,388.18 (77.9%)
• 63 + 8 months: $1,395.31 (78.3%)
• 63 + 9 months: $1,404.22 (78.8%)
• 63 + 10 months: $1,411.34 (79.2%)
• 63 + 11 months: $1,418.47 (79.6%)

64 Years Old

If you wait until you’re 64, you’ll get 80% of the full Average Social Security Benefit monthly payment of $1782, which is $1,425.60.

• 64 + 1 month: $1,436.29 (80.6%)
• 64 + 2 months: $1,445.20 (81.1%)
• 64 + 3 months: $1,455.89 (81.7%)
• 64 + 4 months: $1,464.80 (82.2%)
• 64 + 5 months: $1,475.50 (82.8%)
• 64 + 6 months: $1,484.41 (83.3%)
• 64 + 7 months: $1,495.10 (83.9%)
• 64 + 8 months: $1,504.01 (84.4%)
• 64 + 9 months: $1,514.70 (85%)
• 64 + 10 months: $1,525.39 (85.6%)
• 64 + 11 months: $1,534.30 (86.1%)

65 Years Old

Those who claim at 65 will receive 86.7% of the full Average Social Security Benefit, which drops the average from $1,782 to $1,544.99.

• 65 + 1 month: $1,553.90 (87.2%)
• 65 + 2 months: $1,564.60 (87.8%)
• 65 + 3 months: $1,573.51 (88.3%)
• 65 + 4 months: $1,584.20 (88.9%)
• 65 + 5 months: $1,593.11 (89.4%)
• 65 + 6 months: $1,603.80 (90%)
• 65 + 7 months: $1,614.49 (90.6%)
• 65 + 8 months: $1,623.40 (91.1%)
• 65 + 9 months: $1,634.09 (91.7%)
• 65 + 10 months: $1,643.00 (92.2%)
• 65 + 11 months: $1,653.70 (92.8%)

66 Years Old

At 66, the reduced benefit jumps to 93.3% of the full Average Social Security Benefit monthly payment of $1,782, which is $1,662.61.

66 + 1 month: $1,673.30 (93.9%)

66 + 2 months: $1,682.21 (94.4%)

66 + 3 months: $1,692.90 (95%)

66 + 4 months: $1,703.59 (95.6%)

66 + 5 months: $1,712.50 (96.1%)

66 + 6 months: $1,723.19 (96.7%)

66 + 7 months: $1,732.10 (97.2%)

66 + 8 months: $1,742.80 (97.8%)

66 + 9 months: $1,751.71 (98.3%)

66 + 10 months: $1,762.40 (98.9%)

66 + 11 months: $1,771.31 (99.4%)

Read Also: Initial News And Updates: New Bill Enhancing Social Security Checks!

If You Can Wait Even Longer, You’ll Get Even More Average Social Security Benefit!

If you wait until you’re 67, you’ll receive 100% of the full Average Social Security Benefit, which in this hypothetical scenario is $1,782. But if you wait even longer, you’ll receive an extra 0.7% for every month you delay up to 124% of the full Average Social Security Benefit until you turn 70, when the delayed retirement credits stop.

• 68 years old: $1,924.60 (108%)
• 69 years old: $2,067.12 (116%)
• 70 or older: $2,209.68 (124%)

Read Also: “March 2024 Social Security Deposit Date Confirmed: Increased Benefits For Whom?”