According to the latest Social Security Administration statistical snapshot, the average retired worker collects a monthly benefit of $1,839, which works out to just over $22,000 per year.
If you're curious, the maximum possible Social Security benefit in 2023 is $3,627 at full retirement age, or $4,555 per month for those who wait until age 70 to start collecting. So, the average beneficiary gets roughly half of the maximum possible full retirement age benefit.
However, you might be surprised to know that the average retired worker benefit from Social Security varies considerably among different age groups of retirees. Here's a breakdown of the average Social Security benefit by age, so you can see how you compare.
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The average retired worker's benefit by age
The overall average doesn't tell the full story, as there is quite a difference among retirees of different ages. Let's take a look at two tables with data from the Social Security Administration for benefits as of the end of 2022.
The first is the average monthly benefit for retired workers ages 62 through 70. Keep in mind that this is the range of ages at which retired workers can choose to start collecting their benefits. Notice how big a difference early claiming of benefits makes for those in the lower age ranges.
|
Age |
Average Monthly Benefit |
|---|---|
|
62 |
$1,275 |
|
63 |
$1,365 |
|
64 |
$1,412 |
|
65 |
$1,505 |
|
66 |
$1,720 |
|
67 |
$1,845 |
|
68 |
$1,848 |
|
69 |
$1,820 |
|
70 |
$1,963 |
Data source: Social Security Administration. All numbers rounded to the nearest dollar.
Now, here's a breakdown of the average Social Security benefit by age group:
|
Age Range |
Average Monthly Benefit |
|---|---|
|
62-65 |
$1,414 |
|
66-70 |
$1,845 |
|
71-75 |
$1,927 |
|
76-80 |
$1,883 |
|
81-85 |
$1,823 |
|
86-90 |
$1,698 |
Data source: Social Security Administration. All numbers rounded to the nearest dollar.
As mentioned, the youngest age group has the lowest average benefit, and this isn't a surprise. After all, by definition, everyone who is 65 and under and is collecting a retired worker benefit started collecting it well before their full retirement age. It's also worth noting that all the age groups from 66 through 85 have an average benefit that is within a pretty tight range.
However, there's a bit of a drop in the older age ranges. A possible explanation is the way inflation is calculated for Social Security purposes (using the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W). This index doesn't change in the exact same way as the Consumer Price Index for All Urban Consumers (CPI-U), which is the index that covers most of the U.S. population.
If you're not retired yet, here's what you can do to raise your benefit
If you're already collecting Social Security, there's not a lot you can do to boost your monthly benefit. But if you haven't started yet, waiting for as long as you can before collecting can make quite a difference. For example, if you were entitled to a $2,000 monthly benefit at a full retirement age of 67, you'd only get $1,400 per month if you decided to start at 62. But if you wait until 70, you'd get a monthly check for $2,480.
Of course, it isn't practical or necessary for everyone to wait until 70 to start collecting Social Security. But even if you can hold off for just a few additional months, it can have quite an effect.
