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The average monthly benefit for 70-year-old recipients was $2,022, or $24,264 for the year. There's no value in waiting to claim beyond 70, as no additional delayed retirement credits will accrue.
Retirement Age: 66 Years Old At 66, the reduced benefit jumps to 93.3% of the full average monthly payment of $1,784, which is $1,662.61. 66 + 1 month: $1,673.30 (93.9%)
Source: Social Security Administration. Table by author. At age 66, the average benefit among all retired workers is $1,740 per month, according to December 2023 data from the Social Security ...
As shown above, the average retired-worker benefit tends to increase with age, such that the average 70-year-old receives an additional $294 per month compared to the average 66-year-old, and they ...
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.
Age 66: Social Security's true middle ground was the second-most-popular claiming age in 2022 (24.7% of new claimants, excluding disability conversions). By patiently waiting four years post ...
Here's the maximum possible Social Security benefit at ages 62, 66, 67, and 70. ... In absolute terms, the maximum possible benefit for the 70-year-old is over $27,000 more per year. That's enough ...
Data source: Social Security Administration. Note: Payments have been rounded to the nearest dollar. Readers should pay attention to the average Social Security benefit at ages 62, 66, and 70.
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related to: social security at 66 years old