Millions of Americans would be living below the poverty line without Social Security benefits. Even with those benefits, many are not on Easy Street. The average monthly retirement benefit of $2,005 (as of June) amounts to only about $24,000 annually. That's why it's critical for most of us to be saving and investing and following a sound retirement plan.
You can start collecting benefits as early as age 62, and you can make your benefits bigger by delaying collecting them -- up to age 70. (Several studies have found that it's best for most of us to delay until 70 if possible.)
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But what if you can't wait until 70? Then you might collect at, say, age 66. Here's the average monthly Social Security benefit for that age and others, as of the end of last year.
|
Age |
Average benefit, all |
Average benefit, men |
Average benefit, women |
|---|---|---|---|
|
62 |
$1,342 |
$1,486 |
$1,207 |
|
65 |
$1,611 |
$1,785 |
$1,453 |
|
66 |
$1,764 |
$1,958 |
$1,581 |
|
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.
Don't be too dismayed by the smaller benefit amounts for those in their early 60s. Claiming your benefits at age 62 isn't necessarily a bad move. After all, while your benefit checks will be smaller, you'll collect many more of them over time. Still, when you first claim your benefits matters a lot, so do think through the decision carefully, coordinating with your spouse if you're married. Know, too, that there are multiple ways to increase your Social Security benefits.
You can get a much clearer estimate of how much you can expect from Social Security by setting up a my Social Security account at the Social Security Administration (SSA) website.
