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How does age affect monthly Social Security checks?

How much you receive from Social Security depends on several factors, such as age. This is an important consideration in determining your monthly checks.

Update:
Los montos de los beneficios del Seguro Social dependen de varios factores, como la edad. Así afecta la edad en los cheques mensuales.
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Month after month, the Social Security Administration sends benefits to retired workers. The amount sent depends on a number of factors, such as earnings and age. The SSA recommends waiting until full retirement age to receive full payments. However, the money can begin to be received earlier.

What is the full retirement age?

Social Security full retirement age depends on the year you were born. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, your full retirement age gradually increases until reaching 67 years of age for those born from 1960 onwards.

A worker can start receiving their Social Security retirement benefits at age 62, but if they begin receiving benefits before full retirement age, their benefits are reduced. On the other hand, if the worker decides to wait until they are 70 years old, they will receive more money.

Thanks to the 8.7% increase in the cost of living adjustment this year, the maximum benefit for those who retire at 62 is $2,572. Workers who retire at full retirement age (67) can receive a maximum benefit of $3,627 per month. Meanwhile, the maximum benefit for those who retire at age 70 is $4,555 per month.

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Social Security retirement benefits increase by a certain percentage for each month you delay receiving your benefits past full retirement age. If at full retirement age (67) you receive the 100% of benefits, at age 70, a beneficiary would receive 124%.

Here's how much Social Security benefits increase if you delay retirement beyond full retirement age:

  • 67 years: 100%
  • 67 + 1 month: 100.7%
  • 67 + 2 months: 101.3%
  • 67 + 3 months: 102.0%
  • 67 + 4 months: 102.7%
  • 67 + 5 months: 103.3%
  • 67 + 6 months: 104.0%
  • 67 + 7 months: 104.7%
  • 67 + 8 months: 105.3%
  • 67 + 9 months: 106.0%
  • 67 + 10 months: 106.7%
  • 67 + 11 months: 107.3%
  • 68 years: 108.0%
  • 68 + 1 month: 108.7%
  • 68 + 2 months: 109.3%
  • 68 + 3 months: 110.0%
  • 68 + 4 months: 110.7%
  • 68 + 5 months: 111.3%
  • 68 + 6 months: 112.0%
  • 68 + 7 months: 112.7%
  • 68 + 8 months: 113.3%
  • 68 + 9 months: 114.0%
  • 68 + 10 months: 114.7%
  • 68 + 11 months: 115.3%
  • 69 years: 116.0%
  • 69 + 1 month: 116.7%
  • 69 + 2 months: 117.3%
  • 69 + 3 months: 118.0%
  • 69 + 4 months: 118.7%
  • 69 + 5 months: 119.3%
  • 69 + 6 months: 120.0%
  • 69 + 7 months: 120.7%
  • 69 + 8 months: 121.3%
  • 69 + 9 months: 122.0%
  • 69 + 10 months: 122.7%
  • 69 + 11 months: 123.3%
  • 70 years or later: 124.0%