The Social Security Administration (SSA) can pay you a larger retirement check or direct deposit if you can wait. Therefore, those who delay filing for benefits as much as you can.
Filing at 66 is better than filing for Social Security at 62. However, it is much better to file for benefits at the age of 70. If your Full Retirement is 66 in 2024, you can receive 100% of your benefits and up to $3,822. But what about the average payment at 66?
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AVERAGE RETIREMENT BENEFITS AT 66 FROM SOCIAL SECURITY
The Social Security Administration (SSA) unveiled the average check at this age last December. Retirement benefits at 66 are on average about $1,739.92. This average payment at 66 is lower than the average amount for all retired workers.
As of March 2024, the average amount is worth $1,913 for all retired workers. This amount includes those at 66, but also those who are younger or older than 66.
Anyway, a 66-year-old can receive on average about $20,879.04 in just one year. Usually, benefits increase on average by about 2% per year thanks to the Cost of Living Adjustment. But a report from the Seniors Citizens League shows that seniors have lost about 36% of their buying power since 2000.
STEPS TO ACHIEVE THE LARGEST BENEFITS AT 66
If you would like to get the largest retirement benefit at 66 in 2024 or later, there are 3 important things you could do. In the first place, you should pay enough payroll taxes to Social Security.
If you have an employer, check this person pays the right amount of taxes. Or else, you may end up getting less money than what you really have worked for throughout your work history.
Secondly, you should look for well-paid jobs. In this way, you will increase the amount of your future retirement benefits. In fact, earning the taxable maximum for more than 3 decades can help you get the largest payments from Social Security. Third and last, make sure you file at Full Retirement Age.