If you have not filed for Social Security retirement benefits, and you are 65 years old, you could file now. Some of you may have already applied for benefits but do not know what other seniors aged 65 receive monthly.
Keeping updated is essential if you have not got retirement benefits yet. In this way, you can see if you can make ends meet with an average payment from the Social Security Administration in the USA.
HOW MUCH MONEY DO RETIRED WORKERS GET IN GENERAL FROM SOCIAL SECURITY?
This is important to know because you will see that the average payment for retired workers is higher than the average check or direct deposit for 65-year-olds. On average, retirees get about $1,913 from Social Security.
For your information, American workers at 62 can receive a maximum payment of up to $2,710. If you file for Social Security at Full Retirement Age, you could get up to $3,822 and up to $4,873 at the age of 70.
That tells you that the older you file for retirement, the higher your payment will be. What is more, 65 is not the Full Retirement Age anymore. Americans born in 1960 or later reach FRA at 67.
HOW MUCH MONEY DO 65-YEAR-OLDS RECEIVE FROM SOCIAL SECURITY?
According to the Administration’s latest statistics, retirees aged 65 get payments of approximately $1,563. In fact, that is a lot less than the average benefit for all retired workers.
The only way you could get 100% of your Social Security is to file at Full Retirement Age. By doing so, you will get no cuts but no rewards either. If you do not know how much money you could get in retirement, check this.
Social Security offers the possibility to know the approximate amounts of your retirement benefits. All you have to do is get an annual Statement online. There you will see possible amount at different ages and more interesting things too.