What Is the Average Social Security Check at Age 66? – NerdWallet

The average Social Security check at age 66 was $2,415.07 in December 2022. However, for many people, full retirement age — the age at which they’re entitled to 100% of their Social Security benefits — is 67^[0]

The Social Security Administration reduces benefits for people who retire before reaching full retirement age, so retiring at 66 could come at a cost.

What’s full retirement age and how does it affect my benefits at age 66?

Although it’s possible to file for monthly retirement benefits as early as age 62, doing so usually results in a permanently reduced monthly benefit.

• If your full retirement age is 67 and you begin receiving monthly retirement benefits at age 62, your monthly benefit could be 30% lower than what you could get every month if you waited until age 67 to start receiving benefits^[0]

• That means that if you are eligible for $1,000 per month at full retirement age, the Social Security Administration could reduce that to $700 per month for life if you begin taking benefits early at age 62. 

Another consequence of taking Social Security early is that the Social Security Administration docks benefits for people who continue working while receiving Social Security if their job earnings exceed an annual limit ($21,240 for 2023) and if they are under full retirement age for the entire year. Once a person reaches full retirement age, though, there is no cap on how much money they can earn from work^[0]

How is my Social Security retirement benefit determined at age 66?

Two factors have a big influence on the size of your Social Security retirement benefit:

1. Whether you begin receiving benefits before, at or after reaching full retirement age.

2. How much you earned over time from work. 

To calculate your retirement benefits, the Social Security Administration uses a formula that’s based on your highest 35 years of employment earnings. It adjusts these earnings for inflation as part of the process of calculating your benefit.

Only earnings on which you paid Social Security taxes count in the calculation of your monthly retirement benefit. Earnings in excess of the Social Security wage base ($160,200 in 2023) do not count toward your monthly retirement benefit^[0]

To be eligible for Social Security retirement benefits, you also must earn at least 40 “work credits,” which are based on your earnings. You can earn up to four work credits per year, meaning it usually takes at least 10 years of work history to become eligible to receive Social Security retirement benefits^[0]

How to file for Social Security retirement benefits

You can apply for retirement benefits up to four months before you want to start receiving them. The easiest way to apply is by using the Social Security Administration’s online application, which requires you to create or sign in to your my Social Security account. You can also apply by scheduling an appointment at your local Social Security office.

Some of the documents you might need include:

• Military discharge papers.

• Proof of U.S. citizenship or lawful immigration status if you weren’t born in the United States.

• The name of your financial institution, the routing number and the account number for direct deposit.