The average payment for all retired workers is about $1,915 as of April 2024. Nevertheless, each age group may have a different average payment. This is because the earlier you file, the less money you get from Social Security.
For example, if you have filed at 62, you can get up to $2,710. That is currently the maximum benefit for this age group. Those who have delayed retirement until they are 70 can get up to $4,873. As you can see, there is a big difference between filing at 62 and 70.
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The average Social Security payment amount for 68-year-olds
As of December 2023, the average payment for 68-year-olds on Social Security is worth $1,948. In fact, the receive more money that those who qualify for an average payment for all retired workers.
Still, many retirees have lost buying power said a Senior Citizen League’s report. Especially, those who have been on benefits longer. Inflation affects retirees purchasing power and COLAs are not always as effective as seniors wished they were.
If you are 68 years old and you are still working, you could delay retirement until you are 70. By doing so, Social Security will give you 24 percent extra per month.
When can 68-year-olds receive Social Security in June?
If you did not get the payment on June 3, you may qualify for the checks on June 12, 18 or 26. _However, it will depend on the day you were born, the earlier in the month, the sooner you will get your Social Security.
For your information, retirees younger or older than 68 whose birthday is from 1-10 will get a new payment on June 12. following the same pattern, if your birthday is from 11-20, your payday will be June 18.
On June 26 Social Security will send the last checks or direct deposits in the United States this month. Those who have not filed for retirement benefits can do so up to 4 months before they want to start getting payments.