Most workers approaching retirement glance at the national average for Social Security and assume their monthly check will land somewhere in that range.
The distance between that expectation and what the program delivers varies by thousands of dollars, depending on when a worker decides to file.
That average stands at roughly $2,086 per month, roughly $25,000 per year, according to the Social Security Administration’s (SSA) July 2026 Statistical Snapshot.
That single figure combines early claimers who receive permanently reduced payments with late filers who receive thousands more from the same program each month.
The spread between those extremes is wide enough to change a household budget, and where you end up depends on one decision that cannot be reversed.
Filing age controls the largest share of that gap, and choosing between 62 and 70 changes retirement income for the rest of a worker’s life.
How filing age and earnings gaps change a Social Security benefit
The full retirement age (FRA) for anyone born in 1960 or later is 67, and filing before it triggers a permanent cut to monthly payments. A worker who claims at 62 locks in roughly 30% less income for life compared to one who waits five more years, the SSA confirmed.
For maximum earners in 2026, the monthly benefit at 62 is $2,969, and the benefit at 70 reaches $5,181, SSA data shows.
Workers with average earnings histories collect far less than the $2,969 ceiling, meaning the real gap between a low-earning early claimer and a maximum earner who delays to 70 can exceed $3,000 per month.
Each year a worker delays claiming past the FRA, they earn about 8% in what the agency calls delayed retirement credits, the SSA confirmed.
Waiting from 67 to 70 therefore produces a 24% boost, making it 124% of the full retirement benefit, according to the SSA.
That higher base becomes the starting point for future cost-of-living adjustments (COLA), so the advantage of delaying grows with each year of retirement.
The benefit formula introduces a variable, because the SSA calculates payments using only the 35 highest-paid years of a worker’s earnings record.
Anyone with fewer than 35 working years has zeroes averaged into the formula, which pulls the monthly check lower before the filing age even applies.
More than half of workers file before full retirement age
A clear majority of retired-worker beneficiaries have historically filed their claims before reaching full retirement age, a Congressional Research Service (CRS) In Focus report on the Social Security retirement age confirmed.
In 2021, 57% of new claimants were under age 66 when they filed, and 29% chose the earliest eligible age of 62, the CRS document noted.
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Fresh data suggest the pattern is holding, as 45% of respondents in Schroders’ 2026 U.S. Retirement Survey reported plans to begin collecting before reaching FRA.
Savings shortfalls also drive early claiming, because only 10% of respondents in Schroders’ survey said they plan to file by age 70, for maximum benefit.
Among respondents who plan to claim before age 70, 40% cited fears that the trust fund may run out of money, the survey found.
That anxiety has some basis in official projections, because the 2026 Trustees Report moved the estimated depletion date to the fourth quarter of 2032.
Depletion would not end payments, because ongoing payroll tax revenue would still cover roughly 78% of scheduled benefits absent congressional action.
Financial pressure and uncertainty about the program’s future continue to outweigh the mathematical case for patience among a significant share of the workforce.
More than half of workers historically claim Social Security before full retirement age, while financial pressure and trust-fund concerns shape early decisions.Maskot / Getty Images
What the SSA portal reveals about the personal gap
The SSA’s online portal, called my Social Security, provides every worker with personalized benefit projections at ages 62, 67, and 70 based on their work record.
David Johnston, partner and wealth management advisor at OnePoint BFG Wealth Partners, told Financial Planning that workers should review projections at all three ages before choosing a filing date, to see how far their benefit sits from the national average.
A worker who logs in at age 60 might find projections of $1,470 at 62, $2,100 at 67, and $2,604 at 70 on their statement, figures that reflect the SSA’s exact 30% early-claim reduction and 24% delayed-credit increase.
That range represents a gap of about $1,100 per month, or more than $13,000 per year, that no generic average can capture.
Johnston told Financial Planning that claiming timing should reflect a worker’s individual financial circumstances.
<strong>The herd mentality as it relates to Social Security claiming should be avoided at all costs because it’s truly an individual planning decision</strong>.
Johnston added that Social Security benefits increase with every month a worker waits to file. That flexibility gives workers room to match their filing date to a specific financial need.
Size the spread before committing to Social Security filing date
Johnston noted that most workers focus on the filing-age decision but underestimate how much their earnings history has already shaped the number they will see on their statement.
He emphasized that the financial stakes grow with each year of retirement, making the claiming decision one that warrants far more scrutiny than most workers give it.
Checking the my Social Security portal at ssa.gov before locking in a number remains the most practical step for workers nearing retirement, and comparing projections at 62, 67, and 70 converts a national statistic into a household decision that sets the trajectory of retirement income, Johnston said.
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