Murphy Hokey Law

February 23, 2024

Here’s the Average Social Security Benefit for Retirees at Age 70

The Employee Benefit Research Institute conducts the Retirement Confidence Survey (RCS) annually to know the confidence of workers and retirees are in their ability to live with comfort in retirement. The 2023 RCS showed the biggest drop in confidence since the Great Recession, and the primary culprit was financial hardship caused by inflation.

To benefit the retired persons, Social Security benefits are passed lessen financial crises during retirement but this big benefit is delayed by the Social Security. These workers who got retired at age of 62 but their payout increases for each month got delayed up to age of 70.

The average Social Security benefit for retirees at age 70

The Social Security Administration regularly publishes anonymised benefit data to promote transparency and improve public understanding. To show the average monthly Social Security benefit to be paid to retired workers of age 62 to 70 in June 2023, a biannual report has been shown below-

AGEAVERAGE MONTHLY RETIRED-WORKER BENEFIT
62

$1,277

63

$1,342

64

$1,421

65

$1,525

66

$1,724

67

$1,844

68

$1,873

69

$1,856

70

$1,970

The average retired worker benefit at age 70 was $1,970 per month in June 2023, nearly $700 more than the average retired-worker benefit at age 62. Differences in claiming age are the primary reason for that discrepancy.

The chart given below shows detail of the extent to which early and delayed retirement impacts Social Security payouts.

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