Your monthly Social Security benefit is based on several factors, including how much money you paid in taxes during your career. A higher salary equals a bigger benefit. Another important factor is how old you are when you begin receiving benefits. Age 62 is the soonest you can claim Social Security but doing so will reduce your benefits by as much as 30 percent compared to if you wait until your full retirement age. Most people reach full retirement age between 66 and 67, and if you wait until age 70, you’ll receive delayed retirement credits — and more money. According to AARP, the average Social Security retirement benefit in 2020 is $1,503 a month.