In 2025, a survey by the Nationwide Retirement Institute revealed a concerning fact—more than half of U.S. adults depend so heavily on Social Security that even missing half of a single monthly payment could leave them financially unstable.
If you’re one of the many people planning to rely on Social Security in retirement, even partially, it’s important to understand your benefits early on. Whether you’re nearing retirement or still have years left in your career, checking your future Social Security payout is one of the smartest financial steps you can take today.
How to Check Your Social Security Benefit
If you’ve worked and paid Social Security taxes for at least 10 years, you’re likely eligible for retirement benefits—even if retirement still seems far away.
You can check your estimated benefit by logging into your mySocialSecurity account online. Your statement shows how much you might receive if you retire at your Full Retirement Age (FRA)—which varies between 66 and 67, depending on when you were born.
Why checking now matters:
Your future benefit depends on your actual earnings, and your income can change.
The closer you get to retirement, the more accurate this estimate becomes.
Keeping an eye on it helps you plan how much more you need to save.
How Your Age Impacts Your Monthly Payment
Your Social Security statement shows the amount you’ll get if you retire at your FRA, but you can choose to claim earlier or later than that. And the age you file makes a huge difference in how much you’ll receive:
Claim at 62 (earliest possible age): Your benefits can be reduced by up to 30%.
Claim at FRA (66-67): You receive your full estimated benefit.
Claim at 70: You get up to a 24% bonus on your monthly payments.
Once you start collecting, your benefit amount is locked in for life, so this decision matters a lot. For many people, waiting even a year or two past FRA can significantly increase their retirement income.
When Is the Best Age to Claim Social Security?
There’s no single “best age” to start receiving benefits. It depends on your health, savings, retirement plans, and how long you expect to live.
Here’s a quick guide:
| Situation | Strategy |
|---|---|
| You want to maximize income | Delay until age 70 for the biggest benefit |
| You have health concerns | Consider claiming earlier to enjoy more retirement years |
| You have strong savings | You may retire early and delay claiming SS |
| You need cash flow immediately | Claim at 62 to stretch your savings |
According to Social Security data from December 2024, the average retired worker could receive about $807 more per month by waiting until age 70 instead of filing at 62. Over time, that adds up to a lot of money—especially if you expect to live into your 80s or beyond.
Why Knowing Your Benefit Amount Is So Important
Having a clear idea of your future Social Security payment helps you:
Create a realistic retirement budget
Decide when to retire
Understand how much you’ll need to save separately through 401(k)s, IRAs, or other investments
If you’re decades away from retirement, checking your statement helps you set savings goals. If you’re just a few years out, it can help fine-tune your retirement plan.
The $23,760 Social Security Bonus Most Retirees Miss
Most Americans don’t know this, but there are a few lesser-known Social Security strategies that could boost your lifetime benefits. Some of these include:
Delaying benefits beyond your FRA
Claiming spousal or survivor benefits wisely
Correcting past income errors on your earnings record
Timing your retirement to maximise high-income years
Using these strategies could add up to $23,760 or more over the course of your retirement—money that many retirees overlook simply because they didn’t know the rules.
Social Security plays a major role in retirement planning for millions of Americans. But to make the most of it, you need to understand your benefit amount, how it’s calculated, and how the age you choose to file will affect your long-term income.
By checking your mySocialSecurity account regularly and planning your filing age carefully, you can give yourself the best chance at a stable, secure retirement—even if you’re behind on your savings now.
