Social Security is a key source of income for many retirees. With that in mind, it’s useful to know what the average Social Security check may be at age 63 so you can better plan for retirement. It’s also important to understand that while you can begin collecting Social Security as early as 62, claiming before your full retirement age results in a reduced monthly benefit.
A financial advisor can help you evaluate different timing strategies based on your financial needs and long-term goals.
Claiming Social Security at 63
If you’re considering claiming Social Security benefits at age 63, you’re claiming before your full retirement age (FRA). This is usually 66 or 67, depending on your birth year. This is significant, because claiming at a younger age means you’ll receive a reduced monthly benefit for the rest of your life.
The Social Security Administration (SSA)1 applies the following reductions:
- For the first 36 months you claim before FRA, your benefit is reduced by approximately 0.56% per month.
- For any months beyond that, the reduction is around 0.42% per month.
For someone with a full retirement age of 67, claiming at 63 is 48 months early. This results in a permanent reduction of roughly 25%. That’s a smaller cut than if you had claimed at 62, which would produce a 30% reduction. The difference can still have a sizable impact over the course of your retirement.
The SSA has detailed reduction tables2 that show how benefits decrease based on the specific month you begin claiming. Reviewing these figures can help you determine how claiming at 63 affects your financial situation.
The table below shows what percentage of full retirement benefits you’d receive if you claim Social Security at various points throughout age 63:
| Age | Percentage of Full Retirement Benefits Received |
| 63 | 75.0% |
| 63 and 1 month | 75.4% |
| 63 and 2 months | 75.8% |
| 63 and 3 months | 76.3% |
| 63 and 4 months | 76.7% |
| 63 and 5 months | 77.1% |
| 63 and 6 months | 77.5% |
| 63 and 7 months | 77.9% |
| 63 and 8 months | 78.3% |
| 63 and 9 months | 78.8% |
| 63 and 10 months | 79.2% |
| 63 and 11 months | 79.6% |
The Average Social Security Benefit at Age 63
That’s how benefits are figured, but what about the benefits retirees are actually receiving at age 63? The SSA doesn’t publish an exact figure for the average benefit received at age 63. We can, however, make a reasonable estimate based on known data.
According to the SSA’s 2025 Annual Statistical Supplement3, the average monthly benefit for a retired worker at age 67 was $2,430.34. This figure assumes the individual claimed benefits exactly at full retirement age.
Since this is based on 2024 data, we’ll need to project the 2025 figure. Using a 2.5% cost-of-living adjustment (COLA) for 20254, the projected figure increases to approximately $2,491.10.
So, if a retiree begins benefits at age 67 with average lifetime earnings, they could expect around $2,491.10. per month in 2025. But if that same person claims at age 63, they would receive 25% less. Applying that reduction to the $2,491.10 estimate results in a monthly benefit of $1,868.33.
This example highlights the financial trade-off of claiming early. You’ll receive benefits for a longer period of time, but at a reduced amount each month. Over the course of a long retirement, this difference can be significant. However, if you need income sooner, or have health or employment challenges, you might decide to start benefits at 63.
Remember, these figures are only estimates. Your personal benefit amount will depend on your earnings history, when you claim and cost-of-living adjustments in future years.
Claiming Social Security at 63 – Key Considerations
If you’re considering claiming Social Security at 63, one important factor to keep in mind is health insurance coverage. Medicare eligibility doesn’t begin until age 65, so if you retire and claim Social Security at 63, you’ll need to plan for a two-year gap in coverage.
Your options could include COBRA coverage from a former employer, enrolling in an Affordable Care Act (ACA) marketplace plan or getting coverage through a spouse’s plan with their employer. Just keep in mind that failing to plan for this gap could result in costly out-of-pocket expenses during a very vulnerable period in your life.
You might also want to consider how claiming early could affect your spousal or survivor benefits, especially if your spouse is counting on that income later. And if you plan to keep working while receiving benefits, be aware of the Social Security earnings limit, which could temporarily reduce your monthly payments if your income exceeds the annual threshold.
Frequently Asked Questions (FAQs)
Can I Keep Working if I Start Social Security at 63?
Yes, but your benefits may be temporarily reduced if your income exceeds the annual earnings limit set by the SSA. For 2025, that limit is $23,400. For every $2 you earn above the limit, $1 is withheld from your Social Security payments until you reach full retirement age.
Does Starting Benefits at 63 Affect Survivor Benefits for My Spouse?
Yes. If you claim early, your base benefit is permanently reduced, which can also lower the survivor benefit your spouse would receive after your death. This is especially important to consider if your spouse will rely on your benefit later.
Can I Pause or Reverse My Decision After Starting at 63?
Possibly. If it’s been less than 12 months since you began receiving benefits, you can withdraw your application, repay any benefits received and reapply later. This option is only available once and requires repayment in full.
Bottom Line
Knowing the average Social Security check at 63 can not only help you when it comes to budgeting and planning for retirement, it can also help you determine whether you want to claim Social Security early or wait until your FRA. It’s a decision that should be made with care, considering how a reduced benefit might affect your long-term retirement income, especially if you expect to live well into your 80s or beyond. Your health, employment status, access to other income and family considerations all play a role.
Retirement Planning Tips
- A financial advisor can help you create plan to boost your nest egg. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- If you want to know how much your retirement savings could grow over time, SmartAsset’s retirement calculator could help you get an estimate.
Photo credit: ©iStock.com/Zinkevych, ©iStock.com/Hispanolistic, ©iStock.com/Veronique D
Read the full article here
