Social Security Payments at the Age of 67: Average Amount

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As Social Security turns 90, it continues to be one of America's most relied-upon social programmes, providing financial support to hundreds of millions of Americans over the past nine decades. For many, Social Security will be a significant portion of their retirement income.

The age of 67 is the full retirement age for anyone born in 1960 or later. By claiming benefits at this age, you're eligible to receive your full benefit, or primary insurance amount (PIA). However, deciding when to claim Social Security is one of the more important retirement decisions you'll make.

Claiming benefits early can have consequences. If you choose to claim benefits at 62, you may face a reduction of up to 30% of your PIA. On the other hand, delaying benefits past 67 can increase your monthly benefit by up to 24% if you wait until 70 to claim.

As of the end of 2024, the average monthly retired worker's benefit at age 67 is $1,929.73. The average benefit for women at 67 is $1,719.20, while for men, it's $2,142.78. The average annual retired worker's benefit at age 67 is approximately $23,157.

It's important to note that there is a sizable gap in average benefits between men and women due to differences in career earnings. The reduction or addition to benefits based on claiming age is permanent.

The earliest you can file for Social Security is at 62. However, if you decide to claim early, keep in mind that your benefits will be reduced. Conversely, if you delay claiming past 67, your benefits will increase.

Social Security remains a crucial part of America's social safety net, and understanding how it works is essential for planning a secure retirement. As you approach retirement age, it's worth considering the potential benefits of delaying your claim to maximise your monthly income.