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Pensioners may receive social security at the age of 62, but the age from which benefits begins has a major impact on the amount of benefits they receive.
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The average social security benefit of 70 -year -old workers is over 62 -year -olds average $ 811 a month and $ 9,726 a year.
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1960 Or later born employees born in 1960 Or later, it can increase its benefits by 77%, simply by demanding social security at the age of 70, not 62 years old.
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$ 23 760 Social Security Prize. Most retirees do not notice at all ›
The best age starting with social security depends on personal circumstances, but retirees cannot make a reasonable decision, at first without understanding how the equation requires age factors. We can investigate this topic by examining the average social security benefit paid to retirees of different ages.
Read on to find out more.
Social security accounts for approximately 22% of government expenditure, so the Social Security Administration (SSA) regularly publishes anonymous benefits to ensure transparency and improve public understanding.
This table pulls out the information from every two -year report. This shows the average benefits paid to retirees workers from 2025. June
|
After retiring the age of the employee |
The average monthly payment |
The average annual benefit |
|---|---|---|
|
62 |
$ 1,377 |
$ 16,524 |
|
63 |
$ 1,392 |
$ 16,705 |
|
64 |
$ 1,447 |
$ 17,369 |
|
65 |
$ 1,613 |
$ 19,355 |
|
66 |
$ 1,809 |
$ 21,705 |
|
67 |
$ 1,963 |
23 552 USD |
|
68 |
$ 2,004 |
24,045 USD |
|
69 |
$ 2,052 |
$ 24,629 |
|
70 |
$ 188 |
$ 26 $ 250 |
Data Source: Social Security Administration. The average benefits were rounded to the nearest dollar.
The chart suggests that older retirees are higher for social security payments. The average benefit of a mismatch at 62 (the earliest possible age of the claim) and 70 (the oldest reasonable age of the claim) is about $ 811 a month or $ 9,726 a year. And the average retirement employee’s benefit 66 is somewhere in the middle: it is about $ 379 lower than the average monthly benefit of 70, but $ 432 is more than the average monthly payment of 62.
SSA considers a few variables when calculating the benefits, but the age differences are the main reason for the higher payments for older retirement. Everything else is equal, retirees who require payments at the age of 62 will receive the lowest possible benefit, and retirees who begin to social security at the age of 70 will receive as much benefit as possible.
This is how the Social Security Administration determines the benefits retired: first, the income from your 35 best paid years of work is indexed according to the average wage changes over time. Second, the indexed earnings are converted into a monthly average, known as the average indexed monthly earnings (Aime).