The Social Security Administration (SSA) publishes a report each year that breaks down a wide range of information about the benefits that people who are eligible for its programs receive. Using the data that's contained in these reports, retirees and those approaching retirement can make important decisions and plan for the future.
As of the SSA's most recent report, using 2023 data, the average Social Security retired worker benefit for a person age of 65 stood at $1,563.06 per month. In other words, the average 65-year-old person who was taking retirement benefits through the program received an annual benefit of $18,756.72. That's an average, so that means many people get less and many people get more.
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Should you be taking Social Security at 65?
A person's retirement benefit is calculated based on their highest 35 years of earnings. Retirement benefits are also adjusted based on a person's age at the time they start taking the benefit, with those claiming benefits at the minimum 62 receiving a smaller percentage and those waiting until age 70 receiving the full possible amount.
