For many Americans, age 65 serves as a kind of gold standard, or goal retirement age. And while that makes you an eligible age to claim Medicare, it falls short of full retirement age (FRA) for claiming 100% of your Social Security retirement benefit.
Filing too soon can significantly impact how long your other sources of retirement income will last. So as you consider

How much will your Social Security benefit be at 65?
Social Security is based on your average monthly earnings during your working years—so, if you claim at or before age 65, your monthly payment could look vastly different than others' your same age. That said, the average monthly Social Security payment being paid out to 65-year-olds in 2024 is $1,505, or $18,060 per year.

Social Security benefits differ based on when you claim
Waiting until FRA qualifies you for your full Social Security benefit, but you can claim
Age 62
You can claim Social Security as early as age 62, but it can reduce your earnings by as much as 30%. If you retire before 65, you'll also need to factor in the cost of early retirement health coverage, because you're not eligible for Medicare until you're 65. You may have the option to continue
Age 65
By age 65, you're eligible for Medicare, and you can use your health savings account (HSA) for any expense (not just medical) without a penalty. With everything that triggers at this age, it's easy to think you're also required to file for Social Security, but you're not.
You don't have to claim Social Security retirement benefits when you sign up for Medicare. And enrolling in Medicare doesn't automatically start your Social Security retirement benefits. If you choose to claim at 65, your benefit could be as low as 86.7% of what you'd receive at your full retirement age.
Full retirement age
If you wait to file for Social Security at your FRA (67 for workers born after 1960), you can receive 100% of your benefit. Although this is only two years after turning 65, the impact on your financial security can be significant, depending on your health, financial needs and goals.
Birth year | Full retirement age |
1943–1954 | 66 |
1955 | 66 and 2 months |
1956 | 66 and 4 months |
1957 | 66 and 6 months |
1958 | 66 and 8 months |
1959 | 66 and 10 months |
1960 and later | 67 |