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What's the average Social Security benefit at ages 62, 67, and 70? ... to make ends meet during retirement. The $ 22,924 Social Security bonus most retirees completely overlook.
It shows the average monthly Social Security benefit for retired workers at different ages. As shown above, the average retired-worker benefit tends to increase with age, such that the average 70 ...
According to the Social Security Administration, or SSA, the monthly retirement benefit for Social Security recipients is currently $1,783.55 in 2024 on average. Several factors can drag that ...
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
According to the most recent data released by the Social Security Administration in December 2023, the average benefit among 62-year-old retired workers is just $1,298 per month.
Every year, Social Security's Office of the Actuary (OACT) releases a data set that breaks out average retired-worker payouts at each age from 62 through 99-plus.
As shown above, the average Social Security benefit tends to increase with age, such that the average 70-year-old retiree receives an additional $757 in monthly benefits compared to the average 62 ...
Social Security benefits will likely play an important part in your retirement income. After all, nearly nine out of 10 people aged 65 and older were receiving benefits as of June 30, 2023.
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