As of March 2024, Social Security claimed that workers in retirement get $1,913 on average. However, this includes all the different ages starting at 62. The older a retiree files, the higher the monthly benefit will be.
That is why seniors can get up to $4,873 from Social Security in retirement and 62-year-olds up to $2,710. Filing at Full Retirement Age can be better than early filing since you can receive 100% of your benefits.
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WHAT IS THE AVERAGE RETIREMENT BENEFIT FROM SOCIAL SECURITY AT 62?
If you are receiving monthly benefits at 62, you can get approximately $1,298. This figure was revealed by the Social Security Administration (SSA) in December 2023.
Therefore, it could be slightly higher after the 3.2% COLA boost and due to higher salaries. If compared to the average retirement benefit for all workers, they receive $615 less than them.
As you can see, it is not a great idea to file at 62 if you have a low income. Relying on Social Security retirement benefits may not be enough if you say goodbye to 30% of your monthly payment.
WHAT IS THE SOCIAL SECURITY BENEFIT IN RETIREMENT AT 66 AND 70?
According to the Social Security Administration, the average Social Security benefit at 66 is worth about $1,740. There is still a huge difference between the average payment at 62 and 66. In fact, it is about 440 dollars more for delaying filing for 4 years.
To get the largest benefit possible you should file for Social Security at 70. As of December 2023, the average Social Security benefit at 70 is worth about $2,038. This amount is far from the maximum benefit of $4,873.
Still, receiving about $740 extra per month makes a difference. So, be wise and reflect on the expenses you will have in retirement. Not having enough money as a retiree is not something desirable. Not having saved or invested enough can lead to relying on Social Security, SSI, and SNAP benefits.