How Much the Average Upper Class Retiree Claims in Social Security Benefits at Age 65

Social Security is a vital source of income for many retired Americans, and it has been since its inception decades ago. The program is meant to largely be a supplement to a broader retirement plan, but many rely on the income to make ends meet. According to Pew Research, at least 63% of recipients say benefits comprise at least half of their monthly income. That’s only part of the picture, as not every recipient relies heavily on benefits. Below we offer some insight on what’s probable to help in retirement planning.

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Also here is the average social security benefit at every age.

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What the Numbers Look Like

The average monthly benefit for a 65-year-old was $1,611 as of December 2024, according to Social Security Administration (SSA). Men received marginally more, receiving $1,784 and women less at $1,452.

It’s key to remember this is only the average. For people in the 90th percentile, the amount increases to $2,780 across genders for people aged 60 to 69, according to the SSA. Upper class individuals can safely assume to receive around that amount. Also according to the SSA, the maximum amount for someone aged 65 is slightly over $2,831 in 2025, depending on what age the person was when claiming benefits.

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How Social Security Determines Your Monthly Benefit Amount

The SSA takes two things into consideration when determining your monthly benefits: lifetime earnings and when you claim benefits. The agency takes your 35 highest earning years and adjusts that for inflation.

Full retirement age (FRA) is currently 67, so receiving benefits at 65 means you won’t receive as much as possible. Americans can claim as young as 62 years of age, but that significantly impacts payouts. Recipients can expect payouts to be reduced up to 30%, depending on when they were born, according to the SSA. The clock begins at 62 and reduces slightly each month after 62 until you reach FRA.

Calculating the exact amount can be a bit confusing. The SSA offers online calculators to help Americans get a clearer picture of what they can expect to receive in benefits.

If Possible, It’s Best To Wait

When to claim Social Security is a personal decision. It’s not a one-size- fits-all situation. And it’s only one piece of the retirement planning puzzle. For upper class Americans, it may be wise to delay claiming benefits until 67 to increase benefits.

The difference between claiming at 65 and waiting at least to FRA can potentially result in a substantial monthly amount. If you’re able to rely on savings or retirement investments, putting off claiming can be beneficial. If you’re uncertain of when to claim, speaking with a trusted financial advisor can be helpful to make an informed decision. 

Upper class retirees that are 65 can expect to receive roughly $2,780 in monthly benefits at the end of 2024. Cost-of-living adjustments can potentially increase that amount annually.

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