For 90 years, Social Security has provided millions of Americans with a financial lifeline in retirement, helping to keep many Americans above the poverty line. That’s why deciding when you want to claim benefits is such a crucial decision because it permanently affects how much you’ll be receiving in monthly benefits.

As of the end of 2024, the average monthly benefit for someone aged 70 was $2,148.12, or approximately $25,777 annually. For men, the average benefit at that age is $2,389.95, and for women, it’s $1,909.42 (the difference is due to the disparity in lifetime earnings).

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How claiming at 70 affects your monthly benefit

For anyone born in 1960 or later, your full retirement age (FRA) is 67. This is the age at which you can receive your full monthly benefit amount, known as your primary insurance amount (PIA). Starting at your PIA, the Social Security Administration calculates your monthly benefit based on whether you claim before or after your FRA.

By delaying benefits past your FRA, you increase your monthly benefit by 2/3 of 1% monthly, or 8% annually. You can delay benefits and receive this increase until you reach age 70; after that, your monthly benefit is no longer increased, so that’s realistically the latest age you should claim benefits.

For example, if your PIA was $2,000 at your FRA (assuming it’s 67), delaying benefits until 70 would increase your monthly amount by 24%, taking it to $2,480. This increase, along with the annual cost-of-living adjustment (COLA), is why the average benefit is higher at 70 than at younger ages.