Once you claim your Social Security retirement benefits, you'll be receiving them every month, and they will remain fixed, except for nearly annual cost-of-living adjustments (COLAs). Those increases can help retirees keep up with inflation, though often not entirely.
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So over time, your benefits will increase -- which might have you wondering how much retirees are collecting at various ages. Wonder no more -- just check out the table:
|
Age |
Average Benefit, All |
Average Benefit, Men |
Average Benefit, Women |
|---|---|---|---|
|
62 |
$1,342 |
$1,486 |
$1,207 |
|
65 |
$1,611 |
$1,785 |
$1,453 |
|
67 |
$1,930 |
$2,143 |
$1,719 |
|
70 |
$2,148 |
$2,390 |
$1,909 |
|
75 |
$2,065 |
$2,278 |
$1,857 |
|
80 |
$2,006 |
$2,206 |
$1,816 |
|
85 |
$1,944 |
$2,120 |
$1,788 |
Data source: Social Security Administration.
If you're wondering why younger retirees have such smaller benefits, here's why: Each of us has a full retirement age at which we can start collecting the full Social Security benefits to which we're entitled, based on our earnings record. For most of us, that age is 66 or 67.
If you start collecting your benefits early (you can start as early as age 62), your benefit checks will be smaller -- but you'll collect many more of them. Delaying beyond your full retirement age will beef up your benefit checks by about 8% for each year until age 70. So some of the bigger numbers are due to those who delayed collecting their benefits.
The decision regarding when to claim your benefits is an important one, so think it through carefully. One study found that for most people, waiting until age 70 will be the best move to maximize benefits.
But think through your own situation, and consider your spouse, too, if you're married. It might make sense for one of you -- the lower earner -- to start collecting earlier if you need the money, while the higher earner tries to delay until age 70. That way, when one dies, the survivor will be able to collect a maximized benefit.
