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The Social Security Administration distributes over 76 million payments each month, primarily to retired workers. As of September 2026, these beneficiaries receive an average monthly payment of nearly $2,089.
To obtain the full Social Security retirement benefit, individuals must reach their full retirement age, which is 67 for those born in 1960 or later. Claiming benefits after this age results in an increased monthly amount, with an 8% annual boost for each year delayed up to age 70, where the maximum benefit is secured.
Conversely, retirees who have accumulated at least 40 work credits may choose to begin collecting benefits earlier, but this option permanently reduces their monthly payments.
Early Retirement Eligibility and Benefits
The full retirement age shifted gradually from 66 to 67 for Americans born between 1954 and 1960. For those born in 1960 and later, the full retirement age is fixed at 67 years.
The earliest age to start receiving Social Security retirement benefits is 62 years and one month, as a claimant must be at least 62 throughout the first month of retirement. However, opting to retire before full retirement age results in permanently reduced monthly benefits.
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