Your payment depends on your work history and the age you start collecting

Social Security does not pay everyone the same amount. Your monthly payment is based on how much you earned during your working years and what age you claim benefits. Someone who worked 40 years at higher wages will receive more than someone who worked 20 years at lower wages. Someone who waits until 70 to claim will receive more per month than someone who claims at 62.

The Social Security Administration (SSA) calculates your payment using a formula that looks at your highest 35 years of earnings, adjusted for inflation. If you worked fewer than 35 years, zeros are counted for the missing years, which lowers your total. The formula then replaces a percentage of those earnings — a higher percentage for lower earners, a lower percentage for higher earners. This is why two people with the same work history can receive different amounts if they earned different wages.

Key Takeaways

  • Your payment amount is calculated from your highest 35 years of earnings, adjusted for inflation, so more years of work and higher wages both increase your benefit.
  • You can claim as early as 62, but your monthly payment will be permanently reduced — typically 30 percent less than if you waited until your full retirement age.
  • Waiting until 70 increases your monthly payment by about 8 percent per year after your full retirement age, so someone waiting from 67 to 70 receives roughly 24 percent more per month.
  • The SSA sends you a personalized estimate showing what you would receive at 62, your full retirement age, and 70 — you can view this online or request it by mail.
  • Your actual payment may be lower if you have not worked 35 years, and it may be higher or lower depending on your spouse's earnings history if you are married.

How your full retirement age affects your payment

Your full retirement age is when Social Security considers you old enough to receive your full benefit amount without any reduction. This age depends on the year you were born. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1960, it is 66 plus a number of months — for example, 66 and 10 months if you were born in 1959. If you were born in 1960 or later, your full retirement age is 67.

If you claim before your full retirement age, your payment is reduced. The reduction is steeper the earlier you claim. If you claim at 62 and your full retirement age is 67, you receive about 70 percent of your full benefit amount. If you claim at 65, you receive about 87 percent. These reductions are permanent — even after you reach your full retirement age, your payment stays at the reduced amount.

If you delay claiming past your full retirement age, your payment increases by about 8 percent per year until you turn 70. After 70, the payment does not increase further, so there is no financial advantage to waiting past 70 to claim.

What the SSA estimates show you

The Social Security Administration creates a personalized benefit estimate for you that shows three numbers: what you would receive if you claimed at 62, what you would receive at your full retirement age, and what you would receive at 70. These estimates are based on your actual earnings record, so they are specific to you.

You can view your estimate online through your my Social Security account at ssa.gov. You create a free account with your email, Social Security number, and date of birth. Once you log in, you see your earnings history and your benefit estimates. If you do not have internet access or prefer not to create an account, you can call the Social Security Administration at 1-800-772-1213 and ask them to mail you a benefit statement.

These estimates assume you will live to an average age and that your earnings will not change significantly before you claim. They do not account for taxes you may owe on your benefits, which depends on your other income. They also do not include any reduction if you claim before your full retirement age and continue working — the SSA reduces your payment if you earn above a certain amount while still working.

How working longer changes your payment

If you have not yet worked 35 years, each additional year of work can increase your benefit. The SSA drops your lowest-earning years from the calculation and replaces them with your new earnings. If you earned more in recent years than you did early in your career, working longer will raise your average, even if you have already worked 35 years.

This is one reason why delaying your claim can increase your payment in two ways: your monthly amount goes up because you are claiming later, and your average earnings may go up because you added another year of work. Someone who is still working at 68 may see a larger increase by waiting to 70 than someone who stopped working at 65.

However, if you are still working and claim before your full retirement age, the SSA reduces your benefit if you earn above a limit. In 2024, that limit is $23,400 per year. For every $2 you earn above that limit, your benefit is reduced by $1. Once you reach your full retirement age, this earnings limit no longer applies, and your payment is no longer reduced no matter how much you earn.

Married couples and divorced people

If you are married, you may be able to receive a payment based on your spouse's earnings record if your spouse's record would give you a higher benefit than your own. This is called a spousal benefit. The spousal benefit is typically up to 50 percent of what your spouse receives at their full retirement age, though the exact amount depends on your age when you claim.

If you are divorced and were married for at least 10 years, you may also be able to receive a benefit based on your ex-spouse's earnings record. You do not need your ex-spouse's permission, and claiming on their record does not reduce their payment. However, you must be at least 62 years old, and if you are not yet at your full retirement age, your payment will be reduced.

If you are widowed, you may receive a benefit based on your deceased spouse's earnings record. The amount depends on your age and your spouse's earnings history. Widows and widowers can claim as early as 60, though the payment is reduced if you claim before your full retirement age.

Why two people's payments can look very different

A person who worked 40 years at an average wage of $50,000 per year will receive a different payment than someone who worked 40 years at an average wage of $100,000 per year. The higher earner receives more, but not twice as much — the Social Security formula replaces a smaller percentage of higher earnings. This is by design: Social Security is meant to replace a larger share of income for lower earners.

Someone who worked only 20 years will receive less than someone who worked 40 years, even if they earned the same wage, because zeros are counted for the years they did not work. Someone who took time out of the workforce to raise children or care for a family member will have lower average earnings and a lower benefit.

Someone who claims at 62 will receive less per month than someone who claims at 70, even if they have identical work histories. Over a lifetime, the person who claims at 62 may receive more total money if they live to an average age, but the person who claims at 70 receives more per month and comes out ahead if they live longer than average.

How to find your specific payment amount

The most accurate way to learn what you would receive is to check your benefit estimate through your my Social Security account. You can create an account at ssa.gov/myaccount. You will need your Social Security number, email address, and a way to verify your identity — usually a driver's license or passport number.

If you do not want to create an online account, you can call the Social Security Administration at 1-800-772-1213. A representative can answer questions about your specific situation and can mail you a benefit statement. Wait times are often shorter early in the morning or later in the week.

If you are close to claiming age and want to discuss your options in detail, you can also visit your local Social Security office in person. You can find the office nearest you on the SSA website. Bring your Social Security card, a photo ID, and proof of citizenship or legal residency.

Frequently Asked Questions

What is the average Social Security payment?

The average payment varies by year and changes as new people claim benefits. The SSA publishes this figure, but it is not useful for predicting your own payment because it includes people who claimed early at reduced amounts and people who delayed and received more. Your personal estimate is the only reliable number for your situation.

Can I change my mind after I claim?

If you claimed within the last 12 months, you can withdraw your claim and reapply later at a higher amount. You must repay all the benefits you received. After 12 months, you cannot withdraw, but you can request a one-time increase if you have not yet reached your full retirement age and are still working — the SSA will recalculate your benefit based on your new earnings.

Does my payment increase after I start receiving it?

Yes. Social Security payments increase each year based on the cost-of-living adjustment, or COLA. This adjustment is announced in October and takes effect in January. The increase is the same percentage for all beneficiaries and is meant to help your payment keep pace with inflation.

What if I worked outside the United States?

Work you did in other countries may count toward your Social Security benefit if you worked in a country that has a social security agreement with the United States. The SSA can review your foreign work history and tell you whether it counts. You will need to provide documentation of your earnings from that country.

Will taxes reduce my Social Security payment?

Your Social Security payment itself is not taxed by the SSA, but depending on your other income, you may owe federal income tax on part of your benefit. This is separate from the payment amount the SSA sends you. A tax professional or the IRS can tell you whether your benefits are taxable based on your total income.