Your knowledge of how your Social Security benefits stand in comparison to the norm can help you make more effective plans for retirement. In August 2024, the Social Security Administration (SSA) dispensed $98.2 billion in benefits, benefiting over 51.2 million retirees with their regular monthly payments. On average, retirees received a payment of $1,920.48 per month, although this number is highly influenced by certain factors.
If you want to know about your monthly Social Security payment, you need to understand that your earnings history, the length of your work history, when you choose to retire, and your relationship status all have an impact. Even when it’s complicated to figure out the benefits, knowing the amounts you could receive at various ages can help you make better decisions concerning your retirement.
Check by Age
Understanding the typical Social Security benefits by age allows you to formulate a more accurate picture of your predicted benefits. Looking into these estimates allows you to guide your retirement decisions and determine your need for supplemental savings.
| Retirement Age | Average Monthly Benefit (2024) |
|---|---|
| Age 62 | $2,710 |
| Age 66/67 (Full Retirement Age) | $3,822 |
| Age 70 | $4,873 |
Benefit by Age
Efficient retirement strategy is contingent upon the age when you retire. Delaying retirement can lead to a considerable bump in your Social Security payments:
| Age | Maximum Benefit (2024) | Adjustment |
|---|---|---|
| 62 | $2,710 | Early retirement reduction |
| 66/67 | $3,822 | Full retirement benefit |
| 70 | $4,873 | Delayed retirement credit |
Benefit Comparison
Here’s a detailed breakdown of average monthly Social Security benefits for various age groups, without early retirement deductions or delayed retirement credits:
| Age | Average Monthly Benefit | Men | Women |
|---|---|---|---|
| 67 | $2,052.69 | $2,274.73 | $1,813.45 |
| 70 | $2,029.16 | $2,228.21 | $1,791.95 |
| 75 | $2,086.57 | $2,295.46 | $1,827.00 |
| 80 | $2,137.26 | $2,376.80 | $1,825.20 |
| 85 | $1,987.48 | $2,198.96 | $1,718.02 |
| 90+ | $1,558.02 | $1,623.88 | $1,511.08 |
Delayed Retirement Credit
The delayed retirement credit offers the benefit of increased benefits for those eligible to wait until after their full retirement age (66/67). Here’s how it impacts average payments by age:
| Age | Number of Retirees | Actual Benefit (Including Delayed Credit) | Hypothetical Benefit (Without Credit) |
|---|---|---|---|
| 67 | 199,597 | $2,369.15 | $2,277.28 |
| 70 | 573,456 | $2,840.82 | $2,320.65 |
| 75 | 343,576 | $2,746.65 | $2,231.70 |
| 80 | 113,739 | $2,405.81 | $2,019.26 |
| 85 | 44,663 | $1,893.20 | $1,599.37 |
| 90+ | 417,211 | $2,083.25 | $1,897.04 |
Estimate Benefits
You can use the online calculator offered by the SSA to receive a personalised guess of your Social Security benefits. Plugging in your earnings history with this tool allows you to receive estimates of what you may receive at ages 62, 67, and 70. You may also attend a local Social Security office to receive additional support.
Six Steps:
- Create an SSA Account or log in to your existing one.
- Input your earnings history.
- Choose the age at which you plan to retire.
- The calculator will project your benefits for ages 62, 67, and 70.
- Use this estimate to compare against average benefits by age.
- Factor in any additional sources of retirement income like a 401(k) or IRA.
Social Security
Just knowing your Social Security benefits should only be a single aspect of your overall retirement strategy. Look into supplementing your Social Security benefits with savings derived from investments in 401(k)s, IRAs, or similar options for a more secure retirement.
FAQs
Q. How much is the average Social Security check in 2024?
A. The monthly average check is $1,920.48.
Q. When can I claim Social Security benefits?
A. You can collect benefits at 62, but the amount will be bigger if you wait until 70.
Q. What is the maximum Social Security benefit for 2024?
A. At the age of 70, you can maximize your benefit at $4,873 per month.