Social Security is a complex program.
Retirement anxiety increases as seniors face President Trump’s tariffs and stock market decline
Vicki Knight, a retired educator and part-time yoga instructor, says her body feels toned. “I’m semi-retired,” said the Marietta, Ga., resident, whose Social Security income isn’t enough to survive, and the recent stock market drop due to tariff uncertainty has complicated her plans.
Social Security is perhaps the most important social program in the United States, providing benefits to tens of millions of retirees who use their income to supplement savings or as their primary source of income in retirement.
However, the program is complex and has many unstable rules. Retirees don’t have to learn all of this, but they should try to understand what their retirement benefits will be so they can plan better and make sure they have enough income to cover their expenses once they’re done working.
One important number retirees should know is the average Social Security benefit amount at age 67.
enjoy the rights to the fullest extent
Before discussing average Social Security benefits at age 67, future and current retirees need to understand how the Social Security program works and why claiming benefits at different ages will affect the amount they receive in retirement.
Retirees can begin claiming Social Security benefits as early as age 62 and as late as age 70. Of course, there are trade-offs. The earlier you apply for benefits, the lower your monthly benefits will be, and the later you apply, the higher your benefits will be. The Social Security Administration (SSA) seeks to provide all retirees with equal benefits throughout their lifetime.
The standard age for people born after 1960 is 67 years, also known as Full Retirement Age (FRA). FRA is the age at which you can receive the full amount of benefits to which you are entitled based on the SSA benefit formula. This formula is based on the number of years you worked during your career, your income, or how much you paid in Social Security taxes, and your retirement age.
When retirees claim benefits before FRA, their benefits are reduced by a small percentage each month. If retirees claim benefits as early as age 62, their retirement benefits can be reduced by as much as 30%. Conversely, for each month a retiree defers claiming benefits beyond the FRA, benefits increase by a fixed percentage. If you claim benefits as late as possible at age 70, your Social Security benefits will increase by 24%.
Average social security benefits for a 67-year-old
Considering most people’s FRA is now 67, it’s a good idea for retirees to understand what their average check is at that age. This will allow you to roughly calculate how much your benefits will be reduced or increased based on the age you plan to claim Social Security.
According to SSA’s 2025 Annual Statistical Supplement, as of December 2024, the average monthly benefit for all 67-year-old retired workers who were not affected by early retirement cuts or accelerated retirement benefits was approximately $2,163, or $25,956 per year. The average monthly benefit for a 67-year-old man was higher at $2,393, while the average benefit for women was lower at about $1,915.
Since this data is from December 2024, you can apply annual cost of living adjustments (COLA) for 2025 and 2026 to estimate the current average. Last year’s COLA was 2.5%. That means your average monthly benefit at age 67 in 2025 will be about $2,217. This year’s COLA is 2.8%, increasing the average monthly benefit to $2,279, or $27,349 per year.
Keep in mind that this is just an average, and a retiree’s personal COLA is primarily based on their income during their working years. Additionally, while people can make plans based on the age at which they want to retire, unforeseen events can occur that they could not have foreseen. After all, if a retiree claims Social Security, it should depend on his or her financial situation and health.
People who don’t have as much saved up for retirement or who have serious health problems are more likely to choose to claim Social Security early. If you have savings and are reasonably healthy, you may choose to wait until FRA or beyond.
The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner providing financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
