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Your claiming age can shift the Social Security payout scale more than any other factor. ... 1960 or later. 70%. 75%. 80%. 86.7%. 93.3%. 100%. 108%. 116%. ... and 70. Every year, ...
Social Security's monthly and lifetime payout pendulum can swing wildly, depending on your claiming age. ... 1960 or later. 70%. 75%. 80%. 86.7%. ... the 3.01 million retired-worker beneficiaries ...
1960 or later. 70%. 75%. 80%. ... the average benefit at ages 62 and 70. Every year, Social Security's Office of the Actuary (OACT) releases a data set that breaks out average retired-worker ...
In fact, retired workers born in 1960 or later can increase their benefit by 77% by simply delaying Social Security until age 70 rather than claiming at age 62.
The average 70-year-old retired worker collecting a Social Security benefit receives $1,963.48 per month, or $23,562 per year, according to the latest Social Security Statistical Supplement, which ...
1960 and later. 67. 70%. ... workers can substantially increase their Social Security payout by delaying benefits until age 70. ... the payout will be $1,860 per month ($22,320 per year) if they ...
This age will vary by birth year, but it's 67 years old for everyone born in 1960 or later. Social Security full retirement age chart. Image source: The Motley Fool.
As shown above, the average Social Security payout generally increases with age, such that the average 70-year-old retiree gets about $757 per month more than the average 62-year-old retiree.