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When a person turns 70, their average Social Security payment is $700 more than when they turn 62.
Chart pulls information from a biannual report (Source: Social Security Administration)
The monthly Social Security benefit runs from $62 to $70 on average.
People who answered the 2023 Retirement Confidence Survey (RCS) from the Employee Benefit Research Institute are still determining if they are ready to retire. Inflation is the leading cause of money problems. To help seniors with their money problems, Social Security payments need to go up. Starting Social Security after age 62 gives you more money. Wait until you’re 70 to get the most money. Find out the average Social Security income for people who retire at age 70 and how the age at which you claim benefits changes those benefits.
A lot of the time, the Social Security Administration gives out benefit data that has been anonymized. The monthly Social Security payment for retired workers aged 62 to 70 is below. It is based on a study released every six months, starting in June 2023.
In June 2023, 60- to 70-year-olds got an average of $1,970in retirement payments, up $700 from 62 years ago. Putting down an age is the most significant difference. Most retirees over 70 get their costs sooner. All retired people get Social Security at age 62, which is the oldest start date. Putting in a claim that age affects benefits shows this difference.
READ ALSO: Should You Take Social Security at 62 or 70? Here’s What the Experts Say.
Who gets Social Security benefits depends on how much they earned over their lifetime and when they started collecting benefits.
Step 1: Figure out the principal insurance amount by applying the Social Security benefits formula to the average pay from the 35 years with the most money, making sure to account for inflation—people who are full-age retirees and get Social Security to get the PIA.
Step 2: The date of retirement changes the PIA. The payout is less than 100% of the PIA when you claim before the FRA. When you claim after the FRA, it goes up. Your delayed retirement credits run out when you turn 70, the new Social Security age.
READ ALSO: The Most Important Retirement Table You’ll Ever See
