Social Security: How Much Benefits Will You Get At Age 70?

Social Security beneficiaries who wait until the age of 70 to receive their retirement benefits will receive the highest amount of benefits. Read and find out in this article how much they will be receiving!

Retired Social Security Beneficiaries [Photo: U.S. News – Money]

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How much benefits will you receive at the age of 70?

According to González, the amount of benefits a beneficiary can receive depends on the income they made during their employment. However, the amount can increase if the benefits will be claimed until the age of 70. This may also further increase every year due to the cost-of-living adjustment (COLA).

In 2023, the SSA announced that the COLA has increased to 8.7%. This means that the average payments for all Social Security beneficiaries have increased to around $1,827. Nonetheless, the amount still varies depending on the beneficiary’s age. When a beneficiary starts claiming their Social Security benefits at the age of 62, the amount will be reduced. The maximum amount would amount to $2,572 only.

On the contrary, if the beneficiary decides to claim their Social Security benefits at their full retirement age, the maximum benefits would be $3,627 per month. If the beneficiary waits until the age of 70, the amount will increase to a maximum of more than $4,000 per month.

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