Here's the Average Social Security Benefit at Ages 62, 65, and 70
When to claim Social Security benefits is one of the most important financial decisions most people will make during retirement. A study published in 2022 by the National Bureau of Economic Research concluded that over 90% workers aged 45 to 62 would optimize benefits by claiming Social Security at age 70.The study also concluded fewer than 1% of those workers would optimize benefits by claiming before age 66. Yet, about half of newly awarded retired workers start Social Security before age 66 in any given year. Of course, there are situations in which claiming early is sensible, but some workers may not realize how much money they are leaving behind.Read on to see the average retired-worker benefit at ages 62, 65, and 70.Continue reading
When to claim Social Security benefits is one of the most important financial decisions most people will make during retirement. A study published in 2022 by the National Bureau of Economic Research concluded that over 90% workers aged 45 to 62 would optimize benefits by claiming Social Security at age 70.
The study also concluded fewer than 1% of those workers would optimize benefits by claiming before age 66. Yet, about half of newly awarded retired workers start Social Security before age 66 in any given year. Of course, there are situations in which claiming early is sensible, but some workers may not realize how much money they are leaving behind.
Read on to see the average retired-worker benefit at ages 62, 65, and 70.
