Here's the Average Social Security Benefit at Ages 62 and 67
Claiming age can have a huge impact on your average monthly and lifetime income from Social Security.
For a majority of retirees, Social Security is more than just a monthly check. It represents a financial backstop for aging Americans who can no longer provide for themselves.
Based on data from the Center on Budget and Policy Priorities, Social Security pulled more than 22 million people above the federal poverty line in 2023, including north of 16.3 million adults aged 65 and over. Separately, 23 years of annual surveys from national pollster Gallup have found that 80% to 90% of retirees rely on their monthly payout, to some degree, to cover their expenses.
In other words, maximizing what future generations of retirees will receive from Social Security isn't a luxury -- it's a practical necessity. But in order to optimize what retirees will receive from America's leading social program, they'll first need to understand how their monthly payout is calculated, as well as how important their claiming age can be.
