Additional Coverage:
- Here’s the Average Social Security Benefit of 63-Year-Old Americans (How Do You Compare?) (financebuzz.com)
Your Social Security Check at 63: What the Averages Say and How to Boost Your Retirement
Deciding when to start claiming Social Security benefits is a pivotal financial decision for many Americans as they approach their early 60s. Claiming too soon can lead to permanently reduced monthly payments, while waiting longer can increase benefits, often requiring alternative income sources in the interim.
Understanding what the typical 63-year-old receives can offer valuable perspective as you strategize your long-term retirement income. Let’s delve into the latest data.
The Average Social Security Benefit for 63-Year-Olds
According to the Social Security Administration’s Annual Statistical Supplement 2024, the average Social Security benefit for retired workers aged 63 is $1,338.65.
However, this average varies significantly by gender. For 63-year-old men, the average benefit stands at $1,481.40, while 63-year-old women receive an average of $1,206.54.
What is the Overall Average Social Security Check?
As of January 2026, the estimated average monthly Social Security retirement benefit across all ages is $2,071.
This higher overall average compared to what many 63-year-olds receive is largely due to timing. While benefits can be claimed as early as age 62, doing so results in a permanent reduction in monthly payments. For those born in 1960 or later, the full retirement age (FRA) is 67, meaning most individuals in their early 60s are receiving reduced checks compared to those who delay claiming.
How Many Americans Receive Social Security?
Approximately 75 million Americans are projected to receive some form of Social Security benefits as of January 2026.
This figure encompasses retired workers, disabled workers, spouses, survivors, and dependent beneficiaries. Retired workers constitute the largest group, accounting for over two-thirds of all recipients. As more Americans reach retirement age each year, Social Security continues to be a cornerstone of household income planning.
What is the Maximum Social Security Benefit?
Social Security retirement benefits are determined by a combination of lifetime earnings, claiming age, and the year benefits commence. The highest possible benefit is reserved for workers who consistently earned the taxable maximum for decades and claim at specific ages.
For someone retiring in 2026, the maximum monthly benefit would be $4,152 if claimed at FRA. Claiming at age 62 reduces this maximum to $2,969 per month. Conversely, waiting until age 70 can increase the maximum benefit to $5,181, reflecting delayed retirement credits.
Estimating Your Social Security Benefits
The simplest way to forecast your future Social Security income is by creating a “my Social Security” account online. This tool provides your earnings history and offers benefit estimates at various claiming ages.
Online calculators can also help model different scenarios, such as early retirement or extended work. Regularly reviewing these estimates allows you to adapt your plans as your income and career trajectory evolve.
Supplementing Your Social Security Income
For many retirees, Social Security alone may not be sufficient to cover all monthly expenses. Building additional income streams can help bridge this financial gap and alleviate pressure during retirement. Here are some common strategies:
- Max Out Retirement Account Contributions: Contributing the maximum allowable amounts to retirement accounts during your working years can significantly enhance your long-term income. Tax-advantaged accounts like 401(k)s and IRAs allow savings to grow more efficiently. Even modest increases in contributions during your 50s and early 60s can have a substantial impact later on.
- Take Advantage of Catch-Up Contributions: Workers aged 50 and older are eligible to make catch-up contributions to their retirement accounts. These higher limits are designed to help those who started saving later bolster their financial position before retirement. Maximizing these catch-up rules can meaningfully increase account balances before Social Security begins.
- Consider Part-Time or Freelance Work: Some individuals may choose to supplement their income by working part-time or freelancing in their early retirement years. Extra earnings can reduce the need to draw down savings too quickly. Additionally, continued work could potentially replace lower-earning years in your Social Security calculation, leading to higher future benefits.
The Bottom Line
The average Social Security benefit for 63-year-old Americans hovers just above $1,300 per month, a figure considerably lower than the overall average retirement check. This disparity underscores the significant influence that claiming age has on monthly income throughout retirement.
Understanding how your benefit compares to these averages – and how factors like timing, earnings history, and supplemental income play a role – can empower you to make informed financial decisions aligned with your long-term goals.