If you have not retired yet, you may want to know what the average retirement benefits are in 2023. Social Security will pay a different amount to every single retiree.
This is because Social Security calculates the amount of payments depending on the age you retire, the years you worked, your previous earnings, and the taxes you paid.
So, everyone has a different background. If you are already collecting Social Security retirement checks, you may also want to know what other payments are like.
What is the average payment for all retired workers in the USA?
The last monthly statistical snapshot was last September 2023. It revealed a lot of interesting information regarding average payment amounts. The average Social Security for all retired workers was $1,841.27.
In this group, you can also find the average benefit for spouses of retired workers. In their case, their monthly payment is much smaller. In fact, they just get about 888.03 on average.
Children of retired workers who collect money from Social Security receive about $859.75 on average. This amount is very similar to the one spouses of retired workers have.
All the people who are cashing money from the Administration and are on retirement benefits get an average payment of about $1,793.51. So, what about specific ages?
What is the average Social Security payment at 62, 67, and 71?
Moneywise has announced the following amounts. As of December 2022, the average Social Security check per month was $1,274.87 for seniors at the age of 62. If you would like to know about the average retirement payment at 66, their benefits were approximately $1,719.85.
As you can see, the older the person is, the higher the benefits are. This is because early retirement at 62 means getting a 30% reduction. The older you retire, the better.
If you were born in the 1960s, your Full Retirement Age is 67. Therefore, you will only be able to cash 100% of your benefits if you retire at 67. In order to collect more money, Social Security rewards those late filers. Retirement at 70 could mean getting 24% extra per month.
Do not delay more than that, since your benefits will not grow more. Last but not least, the average payment for those who were 71 in 2022 was $1,946.34 said SSA. As you can see there is a big difference between retiring at 62 and at 70. And benefits also grow with annual COLAs.
Workers who want to earn more money in retirement should know that they must work for at least 35 years. Retirement at 70 could be great to get 24% more every month. What is more, they should look for jobs that are well-paid. The higher your wage, the higher your retirement check.