Retirement income looks different for everyone, but one thing that’s common for tens of millions of Americans is Social Security.

The role Social Security retirement benefits play in someone’s retirement finances will vary, but many people will tell you just how valuable Social Security is to their livelihood. That’s why it’s valuable to have a sense of how much you may receive, so you can begin planning your retirement finances accordingly.

The exact amount of someone’s Social Security benefits will vary based on their earnings record and claiming age, but knowing the average benefit at certain ages is helpful for planning. For 72-year-old Social Security recipients, the average monthly benefit (as of this writing) is $1,915.61.

How different claiming ages affect your monthly benefit

Your full retirement age (which is based on your birth year, as seen below) is when you’re eligible to receive your base Social Security monthly benefit, called the primary insurance amount (PIA).

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Using your PIA, Social Security then calculates your monthly benefit based on when you claim relative to your full retirement age.

Delaying benefits past your full retirement age increases them by 2/3 of 1% monthly (8% annually) until you turn 70. After 70, monthly benefits are no longer increased, so that’s realistically the latest age anyone should be claiming Social Security.

Someone initially claiming benefits at 70 or 72 would receive the same amount, but their benefits would likely be different at 72 if they claim at 70 because of the annual cost-of-living adjustment (COLA).

On the flip side, claiming benefits before your full retirement age will decrease the monthly payout.

If you’re within 36 months of your full retirement age, Social Security reduces benefits by 5/9 of 1% each month. Each additional month after that further reduces benefits by 5/12 of 1%. Assuming your full retirement age is 67, claiming benefits at 62 (the earliest you can claim) would reduce your monthly benefits by 30%.

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