But those claiming early should get many more checks -- and that can make a big difference.
If you're a Social Security enthusiast, you may know that the program's average monthly retirement benefit was $1,925 as of November, amounting to roughly $23,000 annually. That encompasses retirees of all ages.
Here's how average monthly checks vary by age:
Source: Social Security Administration. As of December 2024.
You can see that younger folks get much smaller benefits. Here's why: Each of us has a full retirement age at which we can start collecting the full Social Security benefits to which we're entitled, based on our earnings record.
For most of us, that age is between 66 and 67. If you start collecting your benefits earlier (as early as 62), your checks will be smaller, but you'll collect many more of them. Delaying beyond your full retirement age will beef up your checks by about 8% for each year until age 70.
Imagine an 85-year-old who started collecting monthly benefits at age 62 and another 85-year-old who delayed until age 70. The first octogenarian will have received around 276 payments over 23 years -- so far. The second one will have received bigger checks, but only 180 of them so far.
The Social Security system is designed so that you get roughly the same total benefits no matter when you claim them -- assuming you live an average-length life. The break-even age for many these days is around 82, so if you stand a good chance of living much longer than that, aim to delay. If you're in poor health or have many short-lived ancestors, consider starting early. Think carefully about when to claim your benefits. For most people, waiting until age 70 will be the best move.