How Much Social Security Will I Get at Age 65?

Reviewed by: Mark Zagurski, CLU®, ChFC®, CMFC® and CRPC®

Summary: Many people think of age 65 as the traditional retirement age, but the amount of Social Security you may receive at that age depends on several personal factors. Your earnings history, the number of years you worked, and the age you claim benefits all influence your monthly payment.

Key takeaways

• Social Security benefits are based on your 35 highest-earning years
• Claiming benefits at age 65 may reduce payments compared with full retirement age
• Full retirement age is usually between 66 and 67
• The average Social Security benefit in 2026 is about $2,071 per month
• Your personal estimate can be found on your Social Security statement

What determines how much Social Security you may receive at age 65?

There is no single benefit amount for people who claim Social Security at age 65. The Social Security Administration uses a formula based on your lifetime earnings.

According to Mark Zagurski, Director of Strategy and Operations at Mutual of Omaha Advisors and host of the Make it Personal Podcast, the Social Security Administration “takes your earnings history, adjusts it for inflation, and averages your 35 highest earning years.”

If you worked fewer than 35 years, the formula includes zero-income years, which can lower the average used to calculate benefits.

Most people also must earn at least 40 work credits, which typically equals about 10 years of work.

Because Social Security benefits are calculated using several factors — including earnings history and years worked — two people retiring at the same age may receive very different monthly payments.

In general, Social Security benefits increase with higher lifetime earnings and claiming your benefits at a later age.

What is the average Social Security benefit at age 65?

According to the Social Security Administration, the average monthly retirement benefit for retired workers is about $2,071 per month (January 2026 data).

The average Social Security check at age 65 can vary widely depending on earnings history and claiming age. Zagurski emphasizes that “No one is average. We are all unique people with unique circumstances.”

What is the maximum Social Security benefit at age 65?

To qualify for the highest possible Social Security benefit, someone typically needs to earn at or above the maximum taxable earnings limit for many years and work for at least 35 years.

For people reaching full retirement age in 2026, the maximum monthly Social Security benefit is about $4,152. Your benefit may be lower if you earned less than the taxable maximum during your career.

Claiming benefits earlier or later can also change the maximum possible payment. For example:

• If you retire at age 62 in 2026, the maximum benefit may be $2,969.
• If you retire at age 70 in 2026, the maximum benefit may be $5,181.

However, relatively few retirees receive the maximum benefit because it requires consistently high earnings over many years.

How to estimate your Social Security benefit at age 65

The most accurate way to estimate your Social Security benefit is by reviewing your Social Security statement, available through your online Social Security account.

Your statement shows projected benefits based on your earnings history and estimated claiming age. It may also display how your monthly payment changes if you claim benefits earlier, at full retirement age, or later.

Because Social Security benefits are calculated individually, reviewing these estimates can provide a clearer picture of what you may receive at age 65.

Comparing claiming ages: 62, 65, 67 and beyond

Age 65 is just one point along the Social Security benefit claiming timeline. Benefits can typically begin as early as age 62, while full retirement age is generally between 66 and 67 depending on birth year.

The age you begin collecting benefits also affects your monthly payment. Claiming before full retirement age generally results in a reduced benefit, while delaying benefits may increase the monthly amount.

Zagurski cautions, “the benefit amount you first receive sets the base for the amount you’ll receive for the rest of your life.” Even a one- or two-year difference in claiming age can change monthly benefits for the rest of retirement.

Because each claiming age can affect retirement income differently, many people compare their options carefully before deciding when to apply. At Mutual of Omaha, our financial professionals use tools to help you decide which age may be best for you, based on your specific situation.

Why age 65 still matters for Social Security

Age 65 is still an important milestone in retirement planning, even though it is no longer the age when full Social Security benefits begin for many workers. Many people still consider whether they can retire at age 65, making it a common reference point when evaluating Social Security benefits and retirement income.

Today, full retirement age (FRA) is typically between 66 and 67, depending on when someone was born.

That means claiming benefits at age 65 may result in a slightly reduced monthly payment compared with waiting until full retirement age.

For many people, though, retirement timing is influenced by factors beyond benefit formulas. For example, Age 65 marks eligibility for Medicare, which can play a role in how some individuals think about their retirement timeline and health care planning. These types of considerations often shape when people ultimately decide to retire.

A Mutual of Omaha Retirement Study found that 71% of retirees reported retiring between ages 60 and 70, and more than half said they retired earlier than they originally planned*.

Nate Hobson, Mutual of Omaha Advisors National Sales Director, notes that real-life events often shape retirement decisions: “They’re fearful of running out of money too early.”

Unexpected expenses, health concerns, or job changes can all influence when someone decides to stop working and begin relying on retirement income.

Social Security is often only one piece of retirement income

96% of retirees rely on Social Security as an income source in retirement*. However, many people also depend on additional sources such as:

• Retirement accounts like 401(k)s or IRAs
• Personal savings
• Investments
• Part-time work or other income streams

In fact, 65% of retirees expect to have three or more income sources during retirement*.

Hobson explains, “Determining the right withdrawal strategy in retirement is really the million-dollar question because it’s a moving target.”

In other words, retirement income decisions often involve balancing several financial resources rather than relying on Social Security alone.

Common concerns about Social Security income

Many people approaching retirement worry about whether their income will last. Fewer than two in ten retirees feel very confident that Social Security alone will cover essential expenses*.

Several concerns tend to shape retirement planning decisions, including:

• Inflation and rising costs
• Healthcare expenses
• Outliving retirement savings

Hobson explains that these concerns often shape how retirees approach their finances:

“They have to plan for outliving their money.”

At the same time, some retirees worry about unexpected costs during retirement.

“They can be fearful of unexpected expenses — things that were unplanned for, like health events or home repairs.”

Understanding potential income sources, including Social Security, may help retirees build a clearer picture of their financial situation.

Planning your next step

The amount of Social Security you may receive at age 65 depends on your earnings history and when you choose to begin claiming benefits.

While averages provide general guidance, your personal benefit estimate may look very different.

Because retirement income decisions often involve several moving parts, many people consider how Social Security fits alongside savings, investments, and other financial resources.

“Ultimately, it’s your choice and you should make an informed decision about when to apply for your benefits based on your situation,” Zagurski highlights.

Considering when to start claiming Social Security benefits?

Talk with a Mutual of Omaha financial professional about how claiming age may influence your Social Security benefits and overall retirement income plan. Not sure how long your money will last in retirement?  Use our calculator to see how you’re tracking.

How long will my money last?

Frequently asked questions about Social Security at age 65

What is the minimum Social Security payment at age 65?

There is no universal minimum Social Security payment at age 65. Social Security benefits depend on your lifetime earnings and work history. Individuals with fewer years of work or lower earnings typically receive smaller monthly benefits.

How much Social Security do you lose if you retire at 65 instead of 67?

For many people, claiming Social Security at 65 instead of full retirement age (often 67) results in a permanent reduction in monthly benefits. The exact reduction depends on how many months early benefits begin.

Can you collect Social Security at 65 and still work part time?

Yes. You can receive Social Security benefits and continue working. If you claim benefits before full retirement age, earnings above certain limits may temporarily reduce benefits. After full retirement age, those limits generally no longer apply.

What is the downside of taking Social Security at age 65?

Claiming benefits before full retirement age may reduce your monthly payment compared with waiting longer. Because your initial benefit amount becomes the base for future payments, the reduction may continue for life.

How can someone get $3,000 a month in Social Security?

Higher Social Security benefits typically come from higher lifetime earnings and delaying benefits. Individuals who work longer, earn more, and claim benefits later may receive larger monthly payments.

Can you live on Social Security alone?

Some retirees rely heavily on Social Security income, but many people supplement it with savings, retirement accounts, or other income sources. Because retirement expenses vary widely, some retirees consider multiple income sources when planning for retirement.

How much money do you need to retire at age 65?

Retirement needs vary depending on lifestyle, spending habits, and other income sources.

Is 65 still the normal retirement age?

Age 65 was historically considered the traditional retirement age. Today, the full retirement age for Social Security is typically between 66 and 67, depending on birth year, though many people still choose to retire around age 65. One reason is that most people become eligible for Medicare at 65, which may influence retirement timing, especially when leaving employer-sponsored health coverage.

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Reviewed by: Mark Zagurski, CLU®, ChFC®, CMFC® and CRPC®

Mark is Mutual of Omaha Advisors’ Director of Strategy & Communications. With more than 30 years of experience, he has worked extensively in advisor development, strategy, and communications, focusing on helping advisors and their clients make informed financial decisions. He is also the host of the Mutual of Omaha Advisors podcast, “Make it Personal,” which explores personal finance and strategies to help you take control of your money and future.

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Sources:

*Mutual of Omaha worked with research vendor, quantilope, to conduct research related to Decumulation – the strategic drawdown of assets during retirement years. This research had a sample size of 496 respondents aged 50+ who were already retired (n=327) or nearing retirement (n=169) within the next 10 years. Respondents who stated they did not have at least some assets to draw down during retirement were excluded from the survey. The research was conducted in a 10-minute online survey from October 6-15, 2025. All data included in this report are based on Mutual of Omaha proprietary research unless otherwise noted.

Disclosures:

Registered Representatives offer securities through Mutual of Omaha Investor Services, Inc., Member FINRA/SIPC. Investment Advisor Representatives offer advisory services through Mutual of Omaha Investor Services, Inc. Mutual of Omaha Advisors is a division of Mutual of Omaha Insurance Company.

All investing involves risk, including the possible loss of principal, and there can be no assurance that any investment strategy will be successful.

Mutual of Omaha and its representatives do not provide tax and/or legal advice, and the information provided herein is general in nature and should not be considered tax and/or legal advice.

Not all Mutual of Omaha agents are registered representatives or financial advisors.

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