Here's the Average Social Security Benefit at 62 vs. 70
The average 70-year-old collects $850.28 more per month than the average 62-year-old. As of December 2025, the most recent data available from the Social Security Administration (SSA), that difference amounts to an annual income gap of $10,203.36. These figures show how much the timing of your claim influences the size of your checks.
The SSA bases your benefit on your highest 35 years of earnings, which it adjusts for inflation before applying its primary insurance amount (PIA) formula. Social Security is designed to replace about 40% of pre-retirement income. Most retirees need a much higher replacement rate to cover their costs.
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What 62-year-olds and 70-year-olds collect
A 3.6% cost-of-living adjustment (COLA) will take effect in 2027. The figures in the table below don’t include it yet. That adjustment will add about $51 per month for 62-year-olds and $82 per month for 70-year-olds, on top of these averages.
| Age | Overall | Men | Women |
|---|---|---|---|
| 62 | $1,424.40 | $1,572.83 | $1,285.50 |
| 70 | $2,274.68 | $2,529.62 | $2,024.08 |
These averages assume a full retirement age (FRA) of 67, which is the standard for anyone born in 1960 or later. Your FRA is the age at which you receive your unreduced benefit. Claiming before or after that date will permanently change your monthly payment.
The mechanics behind the benefit gap
Filing at 62 locks in a permanent 30% reduction if your FRA is 67. If you wait past your FRA, you earn delayed retirement credits. These credits are worth 8% per year you delay, for a total increase of 24% by age 70.
Earnings histories also drive the gender gap. At 62, men average $1,572.83 per month, and women average $1,285.50, a gap of $287.33. By age 70, men receive $2,529.62, while women receive $2,024.08, resulting in a monthly difference of $505.54.
According to the SSA, men at age 65 are expected to live about 18 more years. Women at the same age are expected to live about 21 more years. These figures are population snapshots and don’t account for your specific health or personal circumstances.
While these population averages show a wide spread, your individual payment depends on your highest 35 years of earnings and the exact age you choose to file.
Should you claim Social Security early or late?
Claiming Social Security at age 70 isn’t inherently better than claiming at age 62. It depends on your finances and your life expectancy.
You might do better applying early if you have a short life expectancy or if you’re unable to work and don’t have the personal savings to cover your living expenses independently. You might get a smaller lifetime benefit by doing this, but that’s better than falling into debt.
Those with average or above-average life expectancies who can afford to cover their living costs on their own for a while often walk away with a larger lifetime benefit by delaying their Social Security application until their FRA or beyond.
It’s worth weighing the pros and cons of both choices before you decide what’s right for you. Feel free to change your mind down the road if you need to. Just make sure you adjust your retirement plans accordingly.
For more on how Social Security affects your retirement, see this guide.