If you're 66 now, you were probably born around 1959 -- the year that Alaska and Hawaii became states, and the Barbie doll debuted. You're probably approaching or are in retirement, and you may be wondering what the average Social Security benefit is for those aged 66 -- and those of other ages.
The overall average monthly Social Security retirement benefit was $1,981 as of February (that's about $23,770 per year).
Image source: Getty Images.
The table below shows some recent average monthly benefits for recipients of various ages:
|
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 |
Source: Social Security Administration.
The size of your benefit is determined by the Social Security benefits formula, which incorporates four key factors:
Length of working life
The calculation uses your earnings in the 35 years in which you earned the most. To maximize your benefits, aim to earn for at least 35 years. Work longer, and each additional year will eject your lowest-earning year from the calculation.
Earnings history
The more you earn, the higher your benefits will be, up to a limit. The earnings cap is $176,100 for 2025, and it's increased annually. Earning more than that in 2025 won't increase your benefits.
Full retirement age
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 history. For most of us, that age is 66 or 67.
Claiming age
When you start collecting your benefits makes a big difference in their size. Various studies have found that for most (but not all) people, it's best to delay claiming until age 70. Set up a my Social Security account at the Social Security Administration (SSA) website to see what you can expect to receive.
