The Social Security system in the United States establishes retirement benefits based on several determining factors. The amount of benefits an individual receives is directly influenced by the age at which they choose to begin receiving them, their lifetime earnings history, and the number of years worked.
The Full Retirement Age, also abbreviated as FRA, varies depending on the beneficiary’s birth year. For those who turn 62 during 2025, corresponding to individuals born in 1963 or later, the FRA is set at 67.
For those born in 1962, the full retirement age is set at 66 years and 10 months. This figure is critical, as it serves as a central reference point for calculating reductions for early claiming or increases for late claiming.
The maximum Social Security benefit at FRA in 2025
Eligibility for the maximum benefit amounts requires meeting specific income criteria over an extended period. Only workers who have earned income equal to or above the taxable income limit, set at $176,100 annually by 2025, for at least 35 years of their working life are eligible to receive the full maximum benefit. This taxable income limit is adjusted annually based on changes in national wages.
Now, what if you decide to start claiming benefits, not at your FRA, but at a different age? Well, your payment will drastically change.
Maximum monthly payments fluctuate significantly depending on the timing of the withdrawal. For a worker with a high-earning history who applies for retirement at their FRA of 67, the maximum amount is $4,018 per month ($48,216 annually). This figure represents the full benefit without early retirement cuts and without late payment bonuses.
On the other hand, if the same worker decides to claim benefits at the earliest permitted age, which is 62, the amount is substantially reduced. In this case, the maximum monthly floor is set at $2,831 per month ($33,972 annually). This reduction is permanent and is calculated by applying a decrease of 5/9 of 1% for each month earlier than the FRA within the first 36 months, and 5/12 of 1% for each additional month.
In the opposite scenario, delaying the claim beyond the FRA results in a cumulative benefit increase. If a beneficiary postpones claiming until age 70, they accumulate delayed retirement credits. This results in a maximum benefit of $5,108 per month ($61,296 annually). The increase is calculated at an annual rate of 8%, equivalent to 2/3 of 1% per month, between the FRA and age 70, which represents an additional 24% for an FRA of age 67.
What’s the average retirement payment by age
Unlike the maximum figures, the average benefit amounts represent the situation of most retirees, as a very small percentage of workers reach the taxable income limit for the required three and a half decades. According to SSA projections, the average monthly payment for an individual retired worker in January 2025 will be $1,976 per month ($23,712 annually).
This overall average amount incorporates the Cost-of-Living Adjustment (COLA) for 2025, which was 2.5%. This increase is designed to help payments maintain their purchasing power against inflation. Specific public averages broken down by claiming age (62, 67, or 70) are the following, but it’s just for information purposes, since every case is different, and the averages can change day-by-day:
- Age 62: The average monthly benefit is approximately $1,342 ($16,104 annually)
- Age 66: The average monthly benefit is around $1,745 ($20,940 annually)
- Age 67: The average monthly benefit is about $1,983 ($23,796 annually)
- Age 70: The average monthly benefit is approximately $2,148 ($25,776 annually)
For households with two recipients, the average figure is higher. For married couples where both spouses receive benefits, the joint average is estimated at $3,089 per month ($37,068 annually) for next year. This figure also increases year-over-year as a result of the COLA adjustment.
