Edited by 
Edited by 
Planning for retirement means figuring out how much income you’ll have. And for many Americans, Social Security is a big part of that. Your monthly benefit at full retirement age (67) depends on your work and earnings history. A financial advisor help you determine when to start and build a retirement plan that fits your goals and finances.
Average Social Security Benefit at Age 67
The average monthly Social Security benefit for a retired worker in 2025 is $2,510.79. This amount reflects someone with average lifetime earnings who claimed benefits at or after full retirement age with delayed retirement credits applied.
Social Security benefits are adjusted annually to account for inflation through cost-of-living adjustments (COLAs). These changes help maintain the purchasing power of benefits over time, though the actual impact varies based on when and how you claim.
Your benefit amount will depend on your work history, earnings record and the age you begin collecting. The Social Security Administration provides personalized estimates through annual statements and its online calculator.
There is a simple way to estimate future benefit amounts. Apply the SSA’s annual cost-of-living adjustment (COLA), which is designed to help benefits keep pace with inflation. In 2025, they rose by 2.5%. Based on those adjustments, the estimated average monthly benefit increases to $2,573.56.
This means that if you elect Social Security benefits at age 67 in 2025, you’ll get around $2,573.56 per month. This also assumes you had average lifetime earnings and claimed at your full retirement age. Keep in mind that these are just estimates, so your monthly benefit amount will likely vary.
What Happens If You Claim Early?
Claiming Social Security before your full retirement age leads to a lower monthly benefit for life. The Social Security Administration reduces your payment by a fixed percentage for each month you claim early.
For the first 36 months before full retirement age, the reduction is about 0.56% per month. After that, the reduction is roughly 0.42% per month.
If your full retirement age is 67 and you begin collecting at 62, your benefit would be reduced for 60 months total. That results in a 30% cut. So, instead of receiving $2,573.56 per month, your benefit would be about $1,801.49.
Even claiming just one year early lowers your benefit by roughly 6.7%. The Social Security Administration publishes charts showing the monthly reductions, which can help when deciding the best time to start collecting.
| Age | Percentage of Full Retirement Benefits Received |
|---|---|
| 66 | 93.3% |
| 66 and 1 month | 93.9% |
| 66 and 2 months | 94.4% |
| 66 and 3 months | 95.0% |
| 66 and 4 months | 95.6% |
| 66 and 5 months | 96.1% |
| 66 and 6 months | 96.7% |
| 66 and 7 months | 97.2% |
| 66 and 8 months | 97.8% |
| 66 and 9 months | 98.3% |
| 66 and 10 months | 98.9% |
| 66 and 11 months | 99.4% |
| 67 | 100.0% |
Claiming Social Security early can provide income sooner, but it may also reduce the amount you receive over a retirement that could last decades. The right claiming age often depends on factors such as your health, life expectancy, savings balance, work plans and overall retirement income strategy.
Use SmartAsset’s retirement calculator to estimate how different Social Security claiming ages, savings levels and withdrawal strategies could affect your long-term retirement income and how long your assets may last.
Retirement Calculator
Calculate whether or not you’re on track to meet your retirement savings goals.
About This Calculator
To estimate how much you may need to save for retirement, we begin by calculating how much you're expected to spend over the course of your retirement. This includes estimating the income you'll need based on your lifestyle preferences, then factoring in how many years you may spend in retirement. We assume a lifespan of 95 by default, though you can adjust it after your calculation is complete.
Once we have a clearer view of your total retirement needs, we use our models to evaluate your existing and future resources. This includes estimating retirement income from Social Security and the impact of current retirement plans, pensions and other accounts. For additional inputs and a comprehensive retirement plan, please see our full Retirement Calculator.
Assumptions
Lifespan: We assume you will live to 95. We stop the analysis there, regardless of your spouse's age.
Retirement accounts: We automatically distribute your future savings optimally among different retirement accounts. We assume that the IRS contribution limits for your retirement accounts increase with inflation.
Social Security: We estimate your Social Security income using your stated annual income and assuming you have worked and paid Social Security taxes for 35 years prior to retirement. Our estimate is sensitive to penalties for early retirement and credits for delaying claiming Social Security benefits.
Return on savings: We assume the percentage return on your savings differs by whether you're pre- or post-retirement and by account type, with a distinction between investment accounts and savings accounts. This assumption does not account for market volatility or investment losses and assumes positive growth over time. All investing involves risk, including the possible loss of principal.
SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). Articles, opinions, and tools are for general information only and are not intended to provide specific advice or recommendations for any individual. The retirement calculator is meant to demonstrate different potential scenarios to consider, and is not intended to provide definitive answers to anyone's financial situation. We always suggest that you consult your accountant, tax, legal or financial advisor concerning your individual situation.
This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Past performance is not a guarantee of future results. There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.
How to Determine Your Full Retirement Age
Your full retirement age (FRA) is when you can get your full Social Security benefit. If you claim before this age, your monthly payment will be lower for life. If you wait past your FRA, your benefit will go up. Knowing your FRA helps you avoid filing too early.
Your full retirement age depends on the year in which you were born:
- If you were born between 1943 and 1954, your FRA is 66.
- If you were born in 1960 or later, your FRA is 67.
- If your birth year falls between 1955 and 1959, your FRA will be somewhere between 66 and 67. For example, 66 and 8 months if you were born in 1958.
This gradual increase in FRA was introduced by Congress in 1983 to help ensure the long-term sustainability of the Social Security program. At one time, full retirement age was 65 for everyone, but as people began living longer, lawmakers adjusted the rules to reflect those changes. This also gave people the flexibility to choose the best age for retirement based on their own health, goals, and finances.
One small detail that can also affect your FRA is your exact birthday. If you were born on the first day of a month, the Social Security Administration will treat your birthday as if it occurred the month before. For example, if your birthday is on March 1, the SSA will calculate your benefits as if you were born in February.
You can use the chart below, courtesy of the SSA, to find your exact full retirement age based on your birth year.
| Birth Year | Full Retirement Age |
|---|---|
| 1943-1954 | 66 years old |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 years old |
Frequently Asked Questions (FAQs)
How Is My Social Security Benefit Calculated?
Your benefit is based on your highest 35 years of earnings, adjusted for inflation. The Social Security Administration uses a formula to determine your average indexed monthly earnings (AIME), which is then applied to a benefit formula to calculate your primary insurance amount (PIA), the amount you’d receive at full retirement age.
Can I Change My Mind After I Start Claiming Social Security?
Yes, but only under certain conditions. If you’ve been receiving benefits for less than 12 months, you can withdraw your application and repay all the benefits received. This essentially gives you a fresh start and can help you maximize your Social Security benefits at a later date. You can only do this once in your lifetime.
Will My Social Security Benefits Be Taxed?
Possibly. If your income exceeds certain thresholds, a portion of your Social Security benefits may be subject to federal income tax. For individuals with a combined income over $25,000 or couples over $32,000, up to 85% of benefits could be taxable. Some states also tax Social Security, so it’s important to check your state’s rules.
Bottom Line
Deciding when to claim Social Security benefits is one of the most important choices you’ll make in retirement planning. Claiming at age 67 allows you to receive your full benefit amount, while claiming early can reduce your monthly payments for life. On the other hand, waiting beyond full retirement age could increase your benefit.
Retirement Planning Tips
- A financial advisor can help you determine when to retire and manage other factors to maximize your benefits. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- If you want to know how much your nest egg could grow over time, SmartAsset’s retirement calculator could help you get an estimate.
Photo credit: ©iStock.com/zimmytws, ©iStock.com/shapecharge, ©iStock.com/supersizer