SSA Publishes Social Security Averages From $1,424 at 62 to $2,275 at 70

Q: With the 2032 trust fund depletion looming, could delaying your Social Security claim until age 70 actually become a costly retirement trap?

Not necessarily, but it can be if you delay for the wrong reason or without a backup plan. Delaying to 70 still raises your monthly benefit under current law, and if Congress does nothing before the retirement trust fund’s projected 2032 depletion, any cut would likely apply as a percentage of scheduled benefits across the board. That means waiting would still leave you with a larger check than claiming at 62, even after a broad reduction. A benefit set at 124% of your primary insurance amount is still materially higher than one set at 70%. The real trap is not the trust-fund date itself. It is giving up years of payments while assuming you will live long enough to recover them. The break-even age for delaying is often around your late 70s or early 80s, depending on your record. If your health is poor, you need income now, or you may not have other assets to cover the gap from 62 to 70, waiting can be costly. For married couples, especially where one spouse was the higher earner, delaying can still be especially valuable because it can increase the survivor benefit. That often strengthens the case for the higher earner to wait, even with financing uncertainty. The most practical approach is to treat a possible 2032 shortfall as a planning risk, not a reason to rush automatically. Model benefits at 62, full retirement age, and 70 through a “my Social Security” account, and stress-test each option against longevity, cash needs, taxes, and spousal or survivor protection.

3 articles · Updated · Yahoo Finance · Aug 21

$1,424 at age 62 and $2,275 at age 70 were the average monthly benefits in the SSA's latest anonymized data, updated in December 2025 for retired workers ages 62 through 70.
Claiming age drives much of that gap: workers can start at 62, but waiting until 70 unlocks the maximum monthly payout tied to their earnings record.
The SSA calculates benefits by indexing lifetime wages, applying a formula to a worker's 35 highest-paid years, then adjusting the primary insurance amount for early-claim reductions or delayed-retirement credits.
For people born in 1960 or later, claiming at 62 pays 70% of full-retirement-age benefits, versus 124% at 70 — a 77% higher payment.
Nearly half of U.S. workers have little or no idea what Social Security will provide in retirement, making the agency's averages a benchmark alongside individual "my Social Security" estimates.