When planning for retirement, one of the most important financial decisions is when to begin claiming Social Security benefits. If you’re hoping to maximize your monthly payments, understanding how the amount can change based on your retirement age is crucial.

The Social Security benefit amount is directly tied to the age at which you choose to start receiving payments, and delaying your claim can lead to a significantly higher monthly amount.

In 2025, the average monthly Social Security retirement benefit is approximately $1,976. However, this figure can vary depending on the age at which you decide to start claiming. While many people begin collecting at age 62, others may opt to wait until they reach full retirement age, which differs depending on their birth year.

Additionally, delaying benefits past full retirement age can increase the benefit amount even further.

Here’s a detailed look at how Social Security payments change depending on when you decide to begin receiving benefits.

Social Security Benefits at Age 62

You can begin claiming Social Security benefits as early as age 62, but doing so means you’ll receive a reduced monthly payment. This reduction is permanent, and the amount you receive will be lower than if you wait until your full retirement age (FRA).

For example, if you were born after 1960, your full retirement age is 67. At age 62, you will receive only 70% of your full benefit amount. If the full benefit amount in 2025 is $1,976, your monthly benefit at 62 would be around $1,383.20.

The payment gradually increases each month as you wait longer to start collecting. Below is an example of how the benefit amount increases month by month after reaching age 62.

• 62 + 1 month: $1,391.10 (70.4% of full benefit)
• 62 + 2 months: $1,399.01 (70.8%)
• 62 + 3 months: $1,408.89 (71.3%)
• 62 + 4 months: $1,416.79 (71.7%)
• 62 + 5 months: $1,424.70 (72.1%)
• 62 + 6 months: $1,432.60 (72.5%)
• 62 + 7 months: $1,440.50 (72.9%)
• 62 + 8 months: $1,448.41 (73.3%)
• 62 + 9 months: $1,458.29 (73.8%)
• 62 + 10 months: $1,466.19 (74.2%)
• 62 + 11 months: $1,474.10 (74.6%)

As seen in the chart, the longer you wait past age 62, the closer you get to receiving your full benefit.

Social Security Benefits at Age 63

If you choose to wait until age 63, your benefits will increase slightly. At age 63, you will receive 75% of your full monthly benefit.

In this case, the monthly payment would be around $1,482 if the full benefit is $1,976. The amount continues to increase each month after you turn 63:

• 63 + 1 month: $1,489.90 (75.4%)
• 63 + 2 months: $1,497.81 (75.8%)
• 63 + 3 months: $1,507.69 (76.3%)
• 63 + 4 months: $1,515.59 (76.7%)
• 63 + 5 months: $1,523.50 (77.1%)
• 63 + 6 months: $1,531.40 (77.5%)
• 63 + 7 months: $1,539.30 (77.9%)
• 63 + 8 months: $1,547.21 (78.3%)
• 63 + 9 months: $1,557.09 (78.8%)
• 63 + 10 months: $1,564.99 (79.2%)
• 63 + 11 months: $1,572.90 (79.6%)

As you can see, waiting until age 63 provides a slightly higher benefit than claiming at 62, but it’s still lower than your full retirement benefit.

Social Security Benefits at Age 64

If you wait until age 64 to start receiving your benefits, you will receive 80% of your full monthly benefit, or around $1,580.80. Like the previous years, your benefit amount will continue to rise slightly as each month passes:

• 64 + 1 month: $1,592.66 (80.6%)
• 64 + 2 months: $1,602.54 (81.1%)
• 64 + 3 months: $1,614.39 (81.7%)
• 64 + 4 months: $1,624.27 (82.2%)
• 64 + 5 months: $1,636.13 (82.8%)
• 64 + 6 months: $1,646.01 (83.3%)
• 64 + 7 months: $1,657.86 (83.9%)
• 64 + 8 months: $1,667.74 (84.4%)
• 64 + 9 months: $1,679.60 (85%)
• 64 + 10 months: $1,691.46 (85.6%)
• 64 + 11 months: $1,701.34 (86.1%)

At this stage, the payments are significantly higher than they would have been if you had started claiming at 62 or 63.

Social Security Benefits at Age 65

If you wait until age 65, you will receive 86.7% of your full benefit, which amounts to approximately $1,713.19. The benefit amount continues to grow each month:

• 65 + 1 month: $1,723.07 (87.2%)
• 65 + 2 months: $1,734.93 (87.8%)
• 65 + 3 months: $1,744.81 (88.3%)
• 65 + 4 months: $1,756.66 (88.9%)
• 65 + 5 months: $1,766.54 (89.4%)
• 65 + 6 months: $1,778.40 (90%)
• 65 + 7 months: $1,790.26 (90.6%)
• 65 + 8 months: $1,800.14 (91.1%)
• 65 + 9 months: $1,811.99 (91.7%)
• 65 + 10 months: $1,821.87 (92.2%)
• 65 + 11 months: $1,833.73 (92.8%)

At age 65, you are starting to get closer to your full benefit, but still not at the highest possible amount.

Social Security Benefits at Age 66

By age 66, you will be receiving 93.3% of your full monthly benefit, which equates to $1,843.61. As with previous ages, the benefit amount continues to increase each month:

• 66 + 1 month: $1,855.46 (93.9%)
• 66 + 2 months: $1,865.34 (94.4%)
• 66 + 3 months: $1,877.20 (95%)
• 66 + 4 months: $1,889.06 (95.6%)
• 66 + 5 months: $1,898.94 (96.1%)
• 66 + 6 months: $1,910.79 (96.7%)
• 66 + 7 months: $1,920.67 (97.2%)
• 66 + 8 months: $1,932.53 (97.8%)
• 66 + 9 months: $1,942.41 (98.3%)
• 66 + 10 months: $1,954.26 (98.9%)
• 66 + 11 months: $1,964.14 (99.4%)

Social Security Benefits at Age 67 and Beyond

Once you reach age 67, you will receive the full monthly benefit, which in this case would be $1,976. But if you delay your benefits further, you’ll continue to earn delayed retirement credits. For every month you delay, your benefit will increase by an additional 0.7%.

At age 68, you would receive $2,134.08 (108% of your full benefit), and at age 69, your monthly payment would grow to $2,292.16 (116% of your full benefit). If you wait until you’re 70, you would receive the maximum benefit of $2,450.24, which is 124% of the full benefit amount.

Final Take: Waiting Longer Can Get You More

In summary, the longer you wait to start collecting Social Security, the higher your monthly payments will be. While the standard benefit starts at age 62, waiting until your full retirement age or beyond can lead to significant increases in your monthly payment.

Delaying until age 70 can maximize your benefits, giving you a monthly amount that is 24% higher than what you would receive at age 67.