Retirees, Here's the Average Social Security Benefit at Ages 62, 65, and 70
When to claim Social Security is a hard decision for many retired workers. Eligibility starts at age 62, but there is a trade-off between claiming right away and delaying. Specifically, the earlier you claim benefits, the smaller the payout. But the later you claim benefits, the fewer the number of payouts you collect.Statistically speaking, most workers will maximize their lifetime Social Security income by starting benefits at age 70, which is the latest sensible claim age. Additionally, a study published in 2022 by the National Bureau of Economic Research concluded that virtually all workers would be better off claiming later than age 65.Read on to see the average Social Security benefit at different ages.Continue reading
When to claim Social Security is a hard decision for many retired workers. Eligibility starts at age 62, but there is a trade-off between claiming right away and delaying. Specifically, the earlier you claim benefits, the smaller the payout. But the later you claim benefits, the fewer the number of payouts you collect.
Statistically speaking, most workers will maximize their lifetime Social Security income by starting benefits at age 70, which is the latest sensible claim age. Additionally, a study published in 2022 by the National Bureau of Economic Research concluded that virtually all workers would be better off claiming later than age 65.
Read on to see the average Social Security benefit at different ages.
