How much Social Security will you get at age 65?

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 when to file for Social Security, it's important to understand how your payout would change depending on when you start claiming. Then you can make the decision for your long-term financial—and personal—goals.

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.

Here's how to calculate your personal benefit.

Waiting until FRA qualifies you for your full Social Security benefit, but you can claim sooner or later than that. However, the longer you wait (up to age 70), the higher your benefit will be. Here's how what you receive compares at various retirement ages:

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 working while on Social Security, but this could come with earning limits and tax implications.

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.

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.

You can delay filing for Social Security even beyond your full retirement age. If you do, the benefit will increase by 8% each year you don't file until you turn 70.

To put this in perspective, let's look at two individuals who choose to claim Social Security benefits at different ages, but are otherwise the same. Both are eligible for a $2,800 monthly benefit if they wait until FRA.

John claims his benefits at age 65. His Social Security income is reduced by about 13%, so he receives $2,427 monthly for the rest of his life (subject to cost of living adjustments [COLAs]). By age 85, John will have received $582,480 in total Social Security retirement income.

David claims his benefits at full retirement age, 67, and receives 100% of his earned income, $2,800 per month. By age 85, John has received $604,800 in Social Security—a difference of more than $20,000 compared to John.

So while you may be hoping for retirement at 65, consider using a Social Security calculator to see the difference in benefits if you wait until (or past) FRA.

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Generally, waiting until you're 70 to claim Social Security is ideal to maximize your benefit and make it last as long as possible. However, this strategy may not be best for everyone. Here are factors that can impact when you claim Social Security:

• Health needs. If health problems prevent you from working or cause you to incur significant expenses, claiming Social Security before age 70 may relieve financial stress and allow you to focus on your quality of life. People who have a serious illness that's expected to shorten their life expectancy can also get more of their benefit over their lifetime by filing sooner. 
• Involuntary retirement. While employers can't legally force retirement, older workers often face challenges in finding new jobs after downsizing or restructuring, leading to early, unplanned retirement. 
• Spousal benefits. In households where both spouses work, the higher-earning partner can postpone claiming Social Security while the lower-earner claims the benefit. This is called a staggered, or split, strategy. This allows couples to access additional income in the short term and still take advantage of delayed credits for postponing Social Security. 
• Your break-even point. Looking at how much Social Security you'll receive if you file at different ages, you'll see a break-even point—the point where having a larger benefit for a shorter period outweighs having a smaller benefit for a longer period. Calculating your break-even point can help you decide the best time to file. 
• Financial goals. Consider your other sources of retirement income. If your goal is to stretch your income as long as possible, you may choose to delay Social Security until you turn 70. If you prioritize leaving a large legacy, filing sooner may allot your other investments more time to grow—giving you the opportunity to pass on more wealth to your loved ones. 

While many Americans want or choose to retire at 65, it's likely not the most ideal age for maximizing Social Security. The best age to file will depend on your personal goals, values and situation. Consider discussing your financial priorities and options with a Thrivent financial advisor to pinpoint the best claiming strategy for you and your family.