The Social Security Administration (SSA) has revealed the latest statistics regarding retirement benefit amounts. The average check at the age of 67 is higher than at 62 but lower than at 70.
Taking into account the Office of Chief Actuary report, the average retirement check at 67 was about $1,833.50 last December. Bear in mind that the average payment as of January 2024 for all retired workers is $1,909.
Therefore, there is a difference of about $26. In twelve months, retirees aged 67 get about $312 less than other older retirees. That is why it is of vital importance that you calculate when it is best to file for Social Security.
BEST AGE TO GET A LARGER CHECK IN RETIREMENT
Undoubtedly, the best age to file for a larger retirement check is 70. Nevertheless, you should not delay retirement longer than age 70. Mainly because your benefits will not continue growing once you are 70.
If you delay retirement until you are 70, your benefits can grow up to 24% after age 67. Age 67 is the Full Retirement Age for American workers born after 1960. Older workers may have a lower age to retire.
Many Americans long for early retirement. This could be negative from a financial point of view because you will receive up to 30% less every month. So, not all beneficiaries can afford this big check reduction.
WHAT IS THE LARGEST BENEFIT AT 67?
Despite the fact that the average retirement check is worth about $1,883.50 as of December 2023, some retirees can get more at 67. Actually, the largest benefit at 67 is $3,822
To get the largest check at Full Retirement Age you must meet 4 important requirements. Therefore, only a few American workers can be eligible because it is not easy to achieve all of them at the same time.
- File at Full Retirement Age in 2024
- work for at least 35 years
- earn the taxable maximum all those years
- have jobs covered by Social Security
