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What is average Social Security payment at 65?

For those who are collecting Social Security at age 65, the average payment in 2022 is about $2,484 a month, according to the Social Security Administration.

finance.yahoo.com - What Is the Average Social Security Benefit at 65? - Yahoo Finance
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For most of the last century, 65 has been considered the standard retirement age in the United States, but that doesn’t mean most Americans actually retire at that age. As recently as 1992, the average retirement age in the U.S. was 62 for men and 59 for women, according to a Forbes report that cited data from the Center for Retirement Research at Boston College. More: If Your Credit Score Is Under 740, Make These 4 Moves Now Since then, the average retirement age has ticked closer to what used to be considered the norm. In 2001, the average retirement age was 63 for men and 60 for women, and nine years later those averages rose to 64 and 62, respectively. In 2021, the average retirement age was 65 for men and 62 for women. Of course, just because you retire at 65 doesn’t mean you have to start collecting Social Security benefits at that age. You can wait until as late as age 70 — something many Americans do, because the longer you wait, the higher your monthly payment. Keep reading to find out more. For those who are collecting Social Security at age 65, the average payment in 2022 is about $2,484 a month, according to the Social Security Administration. That’s based on the agency’s estimate that the average annual benefit is $29,806 for Social Security recipients who are age 65. The average yearly benefit for 65-year-olds in 2023 is expected to rise to $30,708, or $2,559 a month. Those numbers are much higher than the average monthly benefit for all Social Security recipients, which was $1,546.59 as of August 2022, according to the SSA. The difference is due to a number of factors — including the fact that recipients younger than 65 typically get lower payments. Average benefits for 65-year-olds have been on the rise for a couple of decades in terms of current dollars. But when you adjust for inflation, the payments have been moving lower in recent years. According to the SSA, the estimated average yearly benefit for recipients aged 65 in constant 2001 dollars is as follows:

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2020: $15,313

2021: $15,269

2022: $15,230

2023: $15,189

2024: $15,142

Although the SSA implements yearly cost-of-living adjustments to help beneficiaries deal with inflation, those adjustments aren’t always effective in combating the actual inflation rate. Look no further than 2022, when the COLA is 5.9% but the actual inflation rate has been running at above 8% for much of the year.

Take Our Poll: Are You Concerned That Social Security Benefits Will Be Reduced During Your Lifetime?

If you are approaching age 65 and want to get an estimate of your Social Security benefits, the AARP recommends using its own Social Security Benefits Calculator or checking your online My Social Security account. The latter option bases the estimate on your earnings record on file with the SSA. With the AARP calculator, you’ll need to provide your average annual income.

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This article originally appeared on GOBankingRates.com: What Is the Average Social Security Benefit at 65?

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Can 1 million dollars last a lifetime?

Unfortunately, $1 million doesn't last quite as long as you might think it would. If you live in one of the more expensive states, such as Hawaii or New York, you shouldn't quit your day job early, and $1 million won't even cover your living expenses for 20 years in the Northeastern states.

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Pinpointing the exact amount that you need to save to retire comfortably is a difficult task — and reaching that goal may be even harder. According to a recent survey conducted by Schwab Retirement Plan Services, the average American needs about $1.9 million to retire comfortably. This number is way out of reach for many Americans, considering the average amount Americans have saved is a tick above $168,000. However, $1 million might be more doable.

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To determine how far a $1 million nest egg will take retirees across the country for someone 65 or older, GOBankingRates analyzed data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey and factored in the state’s overall cost-of-living index score for 2021 from the Missouri Economic Research and Information Center. Annual costs were further broken down by multiplying more specific annual expenditure figures from the CES by MERIC’s cost of living for groceries, utilities, transportation and healthcare. All 50 states then were ranked with No. 1 being the state where $1 million will last the longest and No. 50 being the state where it will run out most quickly. Unfortunately, $1 million doesn’t last quite as long as you might think it would. If you live in one of the more expensive states, such as Hawaii or New York, you shouldn’t quit your day job early, and $1 million won’t even cover your living expenses for 20 years in the Northeastern states. There is a bit more cushion in many Southern states, though, if you live there or plan on making a move. Find out how long $1 million in savings will last in your state.

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