SSA Data Shows Age-70 Retirees Get $2,275 a Month vs $1,424 at 62
Updated
Updated · The Motley Fool · Jun 19
SSA Data Shows Age-70 Retirees Get $2,275 a Month vs $1,424 at 62
3 articles · Updated · The Motley Fool · Jun 19
Summary
$2,275 versus $1,424: the Social Security Administration’s latest benefit data show average retired-worker payments rise sharply between claiming at 62 and waiting until 70.
Claiming age drives that gap because benefits taken before full retirement age are permanently reduced, while delayed-retirement credits raise payouts only until age 70.
For people born in 1960 or later, claiming at 62 pays 70% of their primary insurance amount, compared with 124% at 70 — a 77% increase.
Using the 2024 average primary insurance amount of $2,116, that translates to about $1,481 a month at 62 versus $2,624 at 70.
The data also highlight widespread confusion: 4 in 10 adults surveyed by Nationwide in 2025 wrongly believed early-claimed benefits automatically rise at full retirement age.