Key Points
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The average Social Security benefit is $2,088 per month as of August 2026.
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Claiming early can reduce your checks by up to 30%.
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Delaying your Social Security benefit until 70 can grow your checks by 24% if your FRA is 67.
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The average Social Security benefit is $2,088 per month as of August 2026, but how much you receive depends on individual factors like your earnings history. Your age at the time of application also plays a major role.
Early claiming reduces your benefits, while delaying Social Security increases your checks until you qualify for your maximum benefit at 70. Here’s a concrete example of someone who qualifies for the $2,088 benefit at their full retirement age (FRA) of 67 to give you a clearer idea of how early and late claiming affects your checks.
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How early and late claiming affect your Social Security checks
The Social Security Administration first calculates your benefit at your FRA and then adjusts it up or down based on your age when you apply. If you qualify for a $2,088 monthly benefit at age 67, you could receive as little as $1,462 per month if you apply immediately at 62, or as much as $2,589 per month if you delay your application until 70.
Put another way, every month you wait to apply for Social Security after you become eligible at 62 increases your benefit, and the rate of increase accelerates over time as outlined in the table below.
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Benefits Grow By:
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From Ages:
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5/12 of 1% per month (5.00% per year)
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62 to 64
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5/9 of 1% per month (6.67% per year)
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64 to 67
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2/3 of 1% per month (8.00% per year)
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67 to 70
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Data source: Social Security Administration.
There’s no incentive to delay Social Security beyond age 70, though. Your checks will not grow any further.
Is early or late claiming the right move for you?
The data above can make it seem like waiting to apply for Social Security is always your best option. It does often lead to a larger lifetime benefit, but it also requires you to cover your living expenses on your own from ages 62 to 70. That’s not always feasible. You may have to sign up earlier if you are unable to work and lack enough personal savings to cover all your expenses independently.
Some people also choose to sign up earlier if they’re in poor health. Waiting in this situation carries the risk that you might pass away before you’re able to claim anything at all. Others with short life expectancies choose not to apply, to increase the survivor benefits available to their family after they die.
It’s ultimately up to you to decide when you want to sign up. Make sure you weigh the pros and cons of early versus late claiming before you decide which makes the most sense for you.
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