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The average Social Security benefit by age. ... Less than 10% of older adults wait until age 70 to file, according to data from the Social Security Administration, while nearly one-quarter file at ...
The age at which you file for Social Security will directly affect your benefit amount, sometimes by hundreds of dollars per month. ... waiting until 70 to file will earn you a 24% bonus on top of ...
Age 70 is the last age at which you can file for increased Social Security benefits. At 8% per year, your benefit jumps by 24% over your full retirement age, to $1,240.
If your full retirement age is 67, which is the case for anyone born in 1960 or later, then you have an opportunity to increase your monthly Social Security paychecks by 24% by signing up at age 70.
Here's the unfortunate truth about claiming Social Security at age 70. Social Security cards laying on top of a $100 bill. Image source: Getty Images. You're taking a risk.
Yet, you can file for your Social Security retirement benefits as early as age 62 or as late as age 70. Read Next: Suze Orman: 2025 Social Security Changes You Need To Know About and Their Impacts
At age 70, the average benefit among retired workers is $2,037.54 per month, according to December 2023 data from the Social Security Administration. Compared to those who filed earlier, that's a ...
Data source: Social Security Administration. Even though the 70-year-old and the 62-year-old earned comparable salaries throughout their careers, the 70-year-old ends up receiving a monthly ...
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