According to the Social Security Administration (SSA), the average monthly pension benefit in 2023 is $1,781.63; There are many factors that can cause the amount to increase or decrease. but the most important thing is that the person has control over the most important variable of all: the age at which you decide to retire.
It is known that Federal program provides retirees with a source of income; In addition, in the event of incapacity to work or disability. You can also provide financial support to your legal dependents after the beneficiary’s death.
The employee is eligible in the United States Social Security at age 62, but you will receive a reduced monthly payment if you receive benefits before reaching full retirement age, which varies depending on your date of birth. Below, we’ll show you what each worker receives depending on which year they choose to collect.
What is the average Social Security benefit at each age?
Someone who turns 62 and is entitled to it Social Security Today he was born in 1961. For those born in 1960 or later, the full retirement age is 67 years. The current average benefit is $1,782, assuming full benefit. However, this would change a recipient’s payout between the start of eligibility and full retirement age.
If you apply for Social Security at age 62
If people born after 1960 claim their benefits the month they turn 62, they will receive only 70% of what they would have received if they had waited until full retirement age (67). The average monthly payment of $1,782 drops 30% to $1,247.40 in the first month of eligibility. Here is the dollar amount and the percentage of total profit it represents for each month they wait thereafter.
- 62 + 1 months: $1,254.53 (70.4%)
- 62 + 2 months: $1,261.66 (70.8%)
- 62 + 3 months: $1,270.57 (71.3%)
- 62 + 4 months: $1,277.69 (71.7%)
- 62 + 5 months: $1,284.82 (72.1%)
- 62 + 6 months: $1,291.95 (72.5%)
- 62 + 7 months: $1,299.08 (72.9%)
- 62 + 8 months: $1,306.21 (73.3%)
- 62 + 9 months: $1,315.12 (73.8%)
- 62 + 10 months: $1,322.24 (74.2%)
- 62 + 11 months: $1,329.37 (74.6%)
63 years
If you wait until you’re 63, you’ll receive 75% of your full benefits, which is $1,336.50 of the average monthly payment of $1,782.
- 63 + 1 months: $1,343.63 (75.4%)
- 63 + 2 months: $1,350.76 (75.8%)
- 63 + 3 months: $1,359.67 (76.3%)
- 63 + 4 months: $1,366.79 (76.7%)
- 63 + 5 months: $1,373.92 (77.1%)
- 63 + 6 months: $1,381.05 (77.5%)
- 63 + 7 months: $1,388.18 (77.9%)
- 63 + 8 months: $1,395.31 (78.3%)
- 63 + 9 months: $1,404.22 (78.8%)
- 63 + 10 months: $1,411.34 (79.2%)
- 63 + 11 months: $1,418.47 (79.6%)
64 years
If you wait until this age, you’ll get 80% of the full average monthly payment of $1,782, which is $1,425.60.
- 64 + 1 months: $1,436.29 (80.6%)
- 64 + 2 months: $1,445.20 (81.1%)
- 64 + 3 months: $1,455.89 (81.7%)
- 64 + 4 months: $1,464.80 (82.2%)
- 64 + 5 months: $1,475.50 (82.8%)
- 64 + 6 months: $1,484.41 (83.3%)
- 64 + 7 months: $1,495.10 (83.9%)
- 64 + 8 months: $1,504.01 (84.4%)
- 64 + 9 months: $1,514.70 (85%)
- 64 + 10 months: $1,525.39 (85.6%)
- 64 + 11 months: $1,534.30 (86.1%)
65 years
Those who file at age 65 will receive 86.7% of the full monthly benefit, lowering the average from $1,782 to $1,544.99.
- 65 + 1 months: $1,553.90 (87.2%)
- 65 + 2 months: $1,564.60 (87.8%)
- 65 + 3 months: $1,573.51 (88.3%)
- 65 + 4 months: $1,584.20 (88.9%)
- 65 + 5 months: $1,593.11 (89.4%)
- 65 + 6 months: $1,603.80 (90%)
- 65 + 7 months: $1,614.49 (90.6%)
- 65 + 8 months: $1,623.40 (91.1%)
- 65 + 9 months: $1,634.09 (91.7%)
- 65 + 10 months: $1,643.00 (92.2%)
- 65 + 11 months: $1,653.70 (92.8%)
66 years
At age 66, the reduced benefit increases to 93.3% of the full average monthly payment of $1,782, or $1,662.61.
- 66 + 1 months: $1,673.30 (93.9%)
- 66 + 2 months: $1,682.21 (94.4%)
- 66 + 3 months: $1,692.90 (95%)
- 66 + 4 months: $1,703.59 (95.6%)
- 66 + 5 months: $1,712.50 (96.1%)
- 66 + 6 months: $1,723.19 (96.7%)
- 66 + 7 months: $1,732.10 (97.2%)
- 66 + 8 months: $1,742.80 (97.8%)
- 66 + 9 months: $1,751.71 (98.3%)
- 66 + 10 months: $1,762.40 (98.9%)
- 66 + 11 months: $1,771.31 (99.4%)
If you can wait even longer, you’ll get even more
If you wait until you’re 67, you’ll get 100% of the full benefit, which is $1,782. However, if you wait even longer, you will receive an additional 0.7% for each month you defer, up to 124% of the full pension until you turn 70. Then the credit for future retirement ends.
- Age 68: $1,924.60 (108%)
- Age 69: $2,067.12 (116%)
- Age 70 or older: $2,209.68 (124%)
