Affluent Savvy
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The average Social Security monthly benefit by age Age Average Benefit 65 $1,321 66 $1,489 67 $1,504 68 $1,522 15 more rows •
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »For many Americans, Social Security isn't just a paycheck they receive in their golden years. It's a much-needed financial lifeline that helps them make ends meet during retirement. According to an April survey from national pollster Gallup, 89% of current retirees lean on their Social Security payout as either a major or minor source of income. Meanwhile, an all-time high 88% of nonretirees anticipate relying on their Social Security income to some degree when they retire. What you receive each month from Social Security can significantly impact your financial well-being. But as you're about to see, Social Security benefits can vary greatly by age.
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »Now that you have a better understanding of the factors that determine monthly Social Security benefits, let's examine the average payout by age. Below you'll find a payment breakdown provided by the SSA as of June 2020 (rounded to the nearest whole dollar): Age Average Benefit Age Average Benefit 62 $1,130 81 $1,515 63 $1,161 82 $1,494 64 $1,229 83 $1,459 65 $1,321 84 $1,426 66 $1,489 85 $1,415 67 $1,504 86 $1,415 68 $1,522 87 $1,431 69 $1,522 88 $1,435 70 $1,612 89 $1,430 71 $1,627 90 $1,430 72 $1,615 91 $1,435 73 $1,618 92 $1,444 74 $1,592 93 $1,442 75 $1,576 94 $1,435 76 $1,568 95 $1,435 77 $1,574 96 $1,415 78 $1,570 97 $1,409 79 $1,563 98 $1,399 80 $1,536 99 and over $1,422 The most glaring payout differences occur in the earliest years of eligibility. Between age 62 and 70, the average monthly payout catapults from $1,130 to $1,612. This huge average benefit gap can be explained by workers waiting to take their payout. Even though 67% of all current retired workers have their monthly benefit permanently reduced by the SSA (i.e., they claimed benefits prior to reaching their full retirement age), this 67% figure marks a 35-year low. We're witnessing newer retirees waiting longer to begin taking their payout, which should help boost average benefits for the 67 and up crowd even more. You'll also note that the average retirement benefit flattens out considerably from about age 83 onward. This has to do with women having a longer average life span than men. Because women are more likely to stay home to raise children or care for sick family members, their lifetime earning potential is reduced. By age 83, women retirees account for a larger percentage of total recipients.
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »Second, it's never a bad idea to consider working a bit longer. By the time you reach your 60s, you might've gained an abundance of knowledge and work skills that'll result in a higher wage or salary. This higher payout can be used to replace a lower-earning, inflation-adjusted year from your teens or 20s, pumping up your Social Security benefit. Third and finally, consider using Social Security's do-over clause, SSA-521. Officially known as the "Request for Withdrawal of Application," this mulligan allows retired workers who regret their early claiming decision to request that it be undone. If approved by the SSA, the retiree will have to repay any benefits received, but will see their payout again grow by up to 8% annually. Keep in mind that SSA-521 is only an option within the first 12 months of receiving benefits.
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