This Is the Average Social Security Benefit for Age 70
You can start collecting Social Security benefits as early as age 62, but if you do so, you’ll receive smaller benefits — though likely many more of them. Delay starting your claim up to age 70, and your benefits will grow.
As of February, the average monthly retirement benefit, was $1,981 — or around $23,750 annually. But that’s just an overall average.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More »
Image source: Getty Images.
Check out the table below to see some recent average monthly benefits for Social Security recipients of various ages:
|
Age |
Average Benefit, All |
Average Benefit, Men |
Average Benefit, Women |
|---|---|---|---|
|
62 |
$1,342 |
$1,486 |
$1,207 |
|
65 |
$1,611 |
$1,785 |
$1,453 |
|
67 |
$1,930 |
$2,143 |
$1,719 |
|
70 |
$2,148 |
$2,390 |
$1,909 |
|
72 |
$2,117 |
$2,343 |
$1,894 |
|
75 |
$2,065 |
$2,278 |
$1,857 |
|
80 |
$2,006 |
$2,206 |
$1,816 |
|
85 |
$1,944 |
$2,120 |
$1,788 |
Source: Social Security Administration.
The decision of when to start collecting your Social Security benefits is a big one, so think it through carefully. Per the Schroders 2024 U.S. Retirement Survey, 43% of pre-retirees plan to start Social Security before age 67, and only about 10% plan to wait until age 70. Yet according to at least one report, a majority of people — as many as 90% of them — would benefit from waiting until age 70.
The table below shows how much of your full benefits you’ll receive depending on when you claim them and your full retirement age — which is 66 or 67, and 67 for those born in 1960 or later:
|
Start Collecting at: |
Full Retirement Age of 66 |
Full Retirement Age of 67 |
|---|---|---|
|
62 |
75% |
70% |
|
63 |
80% |
75% |
|
64 |
86.7% |
80% |
|
65 |
93.3% |
86.7% |
|
66 |
100% |
93.3% |
|
67 |
108% |
100% |
|
68 |
116% |
108% |
|
69 |
124% |
116% |
|
70 |
132% |
124% |
Source: Social Security Administration.
To learn how much you can expect from Social Security, set up a my Social Security account at the Social Security Administration (SSA) website. And know that there are ways to increase your future benefits.
The $22,924 Social Security bonus most retirees completely overlook
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income.
One easy trick could pay you as much as $22,924 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Join Stock Advisor to learn more about these strategies.
View the “Social Security secrets” »
The Motley Fool has a disclosure policy.