Planning for retirement can feel overwhelming, but understanding how your Social Security benefits compare to others in your age group can help. As of November 2024, over 59 million retired workers received monthly benefits, totaling $99.5 billion. The average monthly check for retired workers in November 2024 was $1,925.46, according to the Social Security Administration (SSA).
Your Social Security benefit depends on factors such as your lifetime earnings, years worked, the age you begin claiming benefits, and your marital status. Although the calculations are complex, tools and data from the SSA can provide useful insights to help you plan your retirement more effectively.
Check
The average benefit varies based on when you start collecting Social Security. Here’s a breakdown by age:
- Age 62: The earliest you can claim, but with reduced benefits.
- Age 66/67: Full retirement age, with no reductions or credits.
- Age 70: The maximum benefit, with delayed retirement credits boosting payments.
Benefit
Waiting to claim benefits until age 70 can significantly increase your monthly Social Security check. Here’s how the maximum benefit compares:
| Age | Maximum Monthly Benefit (2024) | Adjustment |
|---|---|---|
| 62 | $2,710 | Early retirement reduction. |
| 66/67 | $3,822 | Full benefit, no reduction or credit. |
| 70 | $4,873 | Includes delayed retirement credit. |
The difference between retiring at 62 versus waiting until 70 is $2,163 monthly ($4,873 – $2,710).
Benefit by Age
The table below shows average monthly benefits for retirees of different ages. These amounts include delayed retirement credits:
| Age | All Retirees | Men | Women |
|---|---|---|---|
| 67 | $2,101.74 | $2,325.79 | $1,861.62 |
| 70 | $2,081.42 | $2,283.06 | $1,845.00 |
| 75 | $2,156.24 | $2,366.55 | $1,901.33 |
| 80 | $2,201.97 | $2,438.74 | $1,908.59 |
| 85 | $2,109.24 | $2,338.28 | $1,822.84 |
| 90+ | $1,611.80 | $1,676.79 | $1,565.49 |
Average Benefit
Here’s a comparison of average Social Security benefits with and without delayed retirement credits:
| Age | Number of Retirees | Actual Benefit | Hypothetical Without Credit |
|---|---|---|---|
| 67 – All Retirees | 175,530 | $2,426.67 | $2,340.64 |
| 67 – Men Only | 94,572 | $2,659.99 | $2,568.07 |
| 67 – Women Only | 80,958 | $2,154.11 | $2,074.97 |
| 70 – All Retirees | 625,424 | $2,924.27 | $2,386.60 |
| 70 – Men Only | 326,128 | $3,208.77 | $2,633.77 |
| 70 – Women Only | 299,296 | $2,614.25 | $2,117.27 |
Delaying Benefits
If you wait until full retirement age (66 or 67, depending on your birth year), you’ll receive 100% of your earned benefits. Delaying benefits past your full retirement age increases your monthly payments by 8% per year until age 70, thanks to delayed retirement credits.
Estimating Your Benefits
To estimate your future Social Security benefits, visit the SSA website and create an account. Their online benefits calculator uses your earnings history to provide estimates for ages 62, 67, and 70. You can also visit your local Social Security office for help.
Tip: Check out resources like “How to Estimate Your Social Security Benefits in Six Steps” to better know how your payments are calculated.
Social Security
While Social Security benefits can provide a critical income stream during retirement, they’re not enough to cover all expenses for most people. Plan to supplement your benefits with savings from a 401(k), IRA, or other investments. Having multiple income streams ensures a more secure and comfortable retirement.
Takeaways
- Compare your expected Social Security check with the averages above to see where you stand.
- Consider delaying benefits to increase your monthly payments.
- Supplement your Social Security with personal savings and investments.
Retirement planning takes effort, but with tools like the SSA benefits calculator and a solid financial plan, you’ll be better prepared for the future.
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