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What is the average Social Security check payment at age 70?

Workers who wait until age 70 to receive their retirement money will get greater financial benefit.

Ciertos beneficiarios del Seguro Social recibirán dos cheques en septiembre. Conoce quiénes los recibirán y las fechas exactas de pago.
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Month after month, the Social Security Administration (SSA) sends monthly benefits to retired workers. The administration recommends that workers claim their payments at their full retirement age. People born after 1960 must wait until they are 67 to reach full retirement age and receive maximum benefits.

However, workers can retire and start receiving benefits at age 62, or delay their claim until age 70 to receive more money each month.

What is the average Social Security check amount at age 70?

The amount a worker earns at retirement is based primarily on the earnings they made in their career. However, checks can be larger if you delay retirement until age 70, and then increase each year thanks to the cost-of-living adjustment (COLA).

For 2023, the SSA announced a COLA of 8.7%. With this increase, average payments for all retirees enrolled in the Social Security program increased to approximately $1,827, according to the SSA. However, the average amount varies depending on age.

A worker can start receiving their Social Security retirement benefits at age 62, but if they start receiving them before what is deemed the full retirement age, they are reduced. On the other hand, if the worker decides to wait, they will collect more money.

According to the SSA, the maximum Social Security benefit for someone who retires at full retirement age is $3,627 per month. However, if you retire in 2023 at age 62, your maximum benefit would be $2,572. On the other hand, waiting until age 70 to claim increases the maximum benefit to more than $4,000.

According to SSA data, as of December 2021, the most recent year for which the information is available, the average Social Security benefit at age 70 was $1,768.94. However, this has increased thanks to the COLA changes, which were 5.9% and 8.7% in 2022 and 2023, respectively. If a worker retires at age 70 this year, though, their maximum benefit would be $4,555.

Workers who want to retire and want an estimate of their Social Security benefits can use the Social Security Benefits Estimator. They can also request an estimate through a my Social Security account.


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