Here's the Average Social Security Benefit at Ages 62, 67, and 70, and Which One Actually Beats the Rising Cost of Living.

Monthly Social Security benefit amounts depend on lifetime income and the age at which benefits are claimed. Benefits are intended to replace about 40% of pre-retirement income, but claiming age changes the final monthly amount. Average benefits rise with age because waiting to claim increases the check. Benefits can be claimed between 62 and 70, with early filing penalties and delayed retirement credits designed to equalize lifetime benefits for early and late claimers. Claiming before full retirement age reduces the standard benefit through monthly penalties that total 6.7% for each of the first three early years and 5% for earlier years. Claiming later earns delayed retirement credits of 2/3 of 1% per month, 8% annually, or 24% by age 70 when full retirement age is 67. Cost-of-living adjustments help benefits keep pace with inflation.

"According to the Social Security Administration's data, the average benefits total: $1,424.40 at 62 $2,016.48 at 67 $2,274.68 at 70 Average benefits increase with age because the longer you wait to claim your Social Security checks, the bigger the check becomes. Social Security was designed to allow for claims between 62 and 70, but lawmakers also wanted to equalize the lifetime benefits received by early and late claimers. As a result, a system of early filing penalties and delayed retirement credits is in place."

"Under this system, when you claim your benefits ahead of your full retirement age, you are hit with early filing penalties. Those penalties apply monthly to reduce the standard benefit you'd be entitled to at FRA. They add up to a 6.7% reduction in the standard benefit for each of the first three years you claim early and a 5% annual reduction for each year before that."

"Delaying your benefits claim has the opposite effect, as you earn delayed retirement credits equal to 2/3 of 1% per month, 8% annually, or 24% if you wait three full years to claim Social Security at 70 despite having an FRA of 67."

"Social Security benefits don't stay the same over time. Cost-of-living adjustments are built into them in order to ensure the effects of inflation don't leave retirees with benefits that decline in real"

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