Average Social Security benefit at age 62 is $1,916.63, with an earnings cap of $168,600

Planning for retirement is crucial, and incorporating expected Social Security benefits is key. You can start collecting benefits as early as age 62, with the average monthly benefit for retirees being $1,916.63. The value of each credit needed for benefits is $1,730. The formula for benefits is based on the 35 highest-earning years, with an earnings cap of $168,600 in 2024. Full retirement age is typically 66 or 67, and delaying benefits can increase monthly checks by about 8% per year until age 70. Consider your own circumstances before deciding when to claim Social Security.

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