Here's the Average Social Security Benefit at 62 vs. 70

Waiting until age 70 to receive Social Security results in a monthly check that's $850.28 higher than the average for those who are age 62. As of December 2025, according to the Social Security Administration (SSA), the average 70-year-old receives $2,274.68 per month. That amounts to about $27,296.16 per year in retirement income.

A 2.8% cost-of-living adjustment (COLA) took effect in 2026. This adjustment adds about $40 a month on top of the age-62 average and about $64 on top of the age-70 average. These benefit figures assume a full retirement age (FRA) of 67, which is the baseline for everyone born in 1960 or later.

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The difference in these averages is built into the claiming mechanics. Claiming at age 62 locks in a permanent 30% reduction from your full benefit. If you wait past FRA, you earn delayed retirement credits worth 8% per year. These credits total a 24% increase if you wait until age 70.

Earnings history and gender also influence these snapshots. Among 62-year-olds, the average benefit for men is $1,572.83 per month compared to $1,285.50 for women, a gap of about $287.33. By age 70, the gap grows to $505.54, with men receiving $2,529.62 and women receiving $2,024.08.

Life expectancy at 65 provides context for how long these checks might last. According to the SSA, a 65-year-old man is expected to live about 18 more years. A woman of the same age is expected to live about 21 more years. If you live an average lifespan, you tend to receive roughly the same total regardless of when you claim.

How the Social Security Administration calculates your checks

The SSA calculates your benefit based on an average of your monthly wages across your 35 highest-earning years. It adjusts earlier wages for inflation and runs them through the primary insurance amount (PIA) formula. Social Security was designed to replace only a 40% share of pre-retirement income, which is well short of what most retirees need.

The age-70 average represents a snapshot of everyone currently that age, including those who claimed earlier. Your own benefit depends on your specific work history and the age you choose to file.

Should you claim Social Security at 62 or 70?

It might seem like delaying your Social Security application until 70 is your best option, but a lot depends on your health and finances. Someone who expects to live into their 80s or beyond and can afford to cover their living expenses on their own for a while is often better off applying later. They usually get a larger lifetime benefit this way.

But those with short life expectancies can actually get more from Social Security by claiming earlier, perhaps even right away at 62. For these individuals, waiting until age 70 to apply risks not getting any money from the program at all while they're still alive. However, it would increase the survivor benefits available to spouses and dependent children after they pass away.

You may also want to claim Social Security before age 70 if you cannot afford to cover your living expenses on your own for eight years. But that doesn't mean you have to apply right away at 62. You could apply at your FRA, or wait just a year or two to reduce the early claiming penalty before signing up.

For more on how Social Security affects your retirement, see this guide.

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