Social Security payments vary by your work history and when you claim
The amount you receive from Social Security depends on three things: how much you earned during your working years, how many years you worked, and what age you claim benefits. There is no fixed payment amount — the Social Security Administration calculates your benefit based on your individual earnings record.
The average monthly payment in 2024 is around $1,900 for a retired worker, but this is just an average. Some people receive $800 a month; others receive $3,800 or more. Your actual payment could be higher or lower depending on your specific situation.
If you claim at your full retirement age (which ranges from 66 to 67 depending on your birth year), you receive your full benefit amount. If you claim earlier, at 62, your payment is permanently reduced. If you delay claiming past your full retirement age, your payment increases by roughly 8 percent per year until age 70.
Key Takeaways
- Your Social Security payment is calculated from your 35 highest-earning years of work, so gaps in employment lower your benefit amount.
- Claiming at 62 reduces your monthly payment by about 30 percent compared to claiming at your full retirement age.
- Delaying your claim past full retirement age increases your payment by about 8 percent per year, up until age 70.
- You can see your estimated benefit amount by creating an account on ssa.gov and viewing your Social Security Statement.
- Spousal and survivor benefits are calculated differently and may be available to family members even if they did not work.
How the Social Security Administration calculates your benefit
The Social Security Administration looks at your earnings record going back to when you first started working. They take your 35 highest-earning years and calculate an average. This average is then adjusted for inflation and run through a formula that produces your Primary Insurance Amount, or PIA — the benefit you would receive at your full retirement age.
If you have fewer than 35 years of earnings on record, the calculation includes zeros for the missing years, which lowers your average. This is why people who took time out of the workforce — for caregiving, illness, or other reasons — often receive smaller benefits than someone who worked continuously for 35 or more years.
The formula itself is progressive, meaning it replaces a higher percentage of earnings for lower-income workers than for higher-income workers. Someone who earned $20,000 a year will see a larger percentage of those earnings replaced by Social Security than someone who earned $150,000 a year.
What happens if you claim before your full retirement age
You can claim Social Security as early as age 62, but your monthly payment will be permanently lower. The reduction is roughly 6 to 7 percent per year before your full retirement age. If your full retirement age is 67 and you claim at 62, you lose about five years of payments, which reduces your monthly benefit by approximately 30 percent for the rest of your life.
This reduction applies even if you continue working and earning income. If you claim before your full retirement age and earn above a certain amount (which changes yearly), Social Security will withhold $1 from your benefit for every $2 you earn above that limit. Once you reach your full retirement age, this earnings limit no longer applies.
Claiming early makes sense for some people — those with serious health issues, those who need the money now, or those who expect to live a shorter-than-average lifespan. For others, waiting pays off in the long run because the higher monthly payment eventually adds up to more total money received over a lifetime.
What happens if you delay claiming past your full retirement age
For every year you delay claiming Social Security past your full retirement age, your monthly benefit increases by approximately 8 percent. This increase continues until age 70. If your full retirement age is 67 and you wait until 70, your benefit will be about 24 percent higher than it would have been at 67.
This delayed retirement credit is permanent — you receive the higher amount for the rest of your life. Delaying is often the better financial choice for people in good health, those with family longevity, or those who do not need the money when ready. The higher payment also means higher survivor benefits for your spouse or children if you pass away.
You cannot earn delayed retirement credits past age 70, so there is no financial advantage to waiting longer than that. At 70, you should claim your benefit even if you continue working.
Spousal and survivor benefits
If you are married, your spouse may be able to receive a benefit based on your earnings record, even if they did not work or have a lower benefit on their own record. A spouse can receive up to 50 percent of your full retirement age benefit amount, though this is reduced if they claim before their own full retirement age.
If you pass away, your spouse, children under 19 (or 19 if still in high school), and dependent parents may be able to receive survivor benefits based on your earnings record. The total amount paid to all family members is capped at roughly 150 to 180 percent of what you would have received, so the more family members who claim, the smaller each individual payment becomes.
Divorced spouses may also be able to claim benefits on your record if the marriage lasted at least 10 years, you are at least 62 years old, and you have been divorced for at least two years (or any length of time if your ex-spouse is already claiming).
Supplemental Security Income versus Social Security retirement benefits
Supplemental Security Income, or SSI, is different from Social Security retirement benefits. SSI is a needs-based program for people who are 65 or older, blind, or disabled and have very limited income and resources. The payment amount is set by federal law and does not depend on your work history.
Social Security retirement benefits, by contrast, are based entirely on your earnings record and are not means-tested — you can have any amount of savings or other income and still receive your full benefit. The two programs serve different purposes and have different rules.
How to find out your estimated benefit amount
The most accurate way to see what you might receive is to create a my Social Security account on ssa.gov. Once you set up an account with your email and password, you can view your Social Security Statement, which shows your earnings history and provides an estimate of your benefit at different claiming ages.
The statement shows estimates for claiming at 62, at your full retirement age, and at 70. These are projections based on the assumption that you continue to work and earn at your current level until you claim. If your earnings change significantly, your estimate will change too.
You can also call the Social Security Administration at 1-800-772-1213 to request a statement or ask questions about your specific situation. Representatives can answer questions about your earnings record and provide rough estimates over the phone.
Frequently Asked Questions
Can I get Social Security if I did not work for 35 years?
Yes, but your benefit will be lower. Social Security counts your 35 highest-earning years. If you have fewer than 35 years of earnings, zeros are included in the calculation, which reduces your average. You need at least 10 years of work (40 credits) to be may be able to access for retirement benefits at all.
Does working while receiving Social Security reduce my payment?
Only if you claim before your full retirement age. If you are under full retirement age and earn above the annual limit (which changes yearly), Social Security withholds $1 from your benefit for every $2 you earn above that amount. Once you reach full retirement age, you can earn any amount without a reduction.
What is the difference between my full retirement age benefit and my benefit at 62?
Claiming at 62 instead of your full retirement age reduces your monthly payment by roughly 30 percent. The exact reduction depends on how many years early you claim. This reduction is permanent and applies to all your future payments, including any cost-of-living adjustments.
Can my spouse get benefits even if they never worked?
Yes. A spouse can receive up to 50 percent of your full retirement age benefit amount based on your earnings record alone, regardless of their own work history. They must be at least 62 years old (or any age if caring for a child under 16 on your record).
What happens to my Social Security if I pass away?
Your spouse, children under 19 (or 19 if in high school), and dependent parents may receive survivor benefits based on your earnings record. The total paid to all family members combined is capped at roughly 150 to 180 percent of your full retirement age benefit amount.