Based on data from the SSA's Office of the Actuary, nearly 566,000 aged 62 retired-worker beneficiaries were receiving $1,274.87 as of Dec. 2022. Meanwhile, the average Social Security check for the 2.27 million retired workers at age 66 is $1,719.85.
Based on data from the SSA, the 565,887 retired workers who were 62 years old and receiving a Social Security benefit as of December 2022 were taking home $1,274.87 per month, or about $15,298 on an annualized basis. There are typically two reasons why workers choose to take their payout as early as possible.
However, the Social Security Administration reduces benefits by 30% for people who retire at 62, meaning they receive just 70% of their full retirement benefit each month for life. SSA.gov. Starting Your Retirement Benefits Early. Accessed Sep 6, 2023.
Social Security's special minimum benefit pays at least $49.40 per month in 2023 and $50.90 in 2024. Social Security's special minimum benefit tops out at $1,033.50 per month in 2023 and $1,066.50 in 2024. You'll receive 100% of the benefit if you file at full retirement age or later.
Filing for Social Security at age 62 could also end up making sense financially if you're worried you won't end up living a very long life. While you'll shrink your benefits on a monthly basis, by getting to collect that money sooner, you might end up with a higher amount of lifetime benefits.
If your pay at retirement will be $100,000, your benefits will start at $2,026 each month, which equals $24,315 per year. And if your pay at retirement will be $125,000, your monthly benefits at the outset will be $2,407 for $28,889 yearly.
If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age.
If you earn $75,000 per year, you can expect to receive $2,358 per month -- or about $28,300 annually -- from Social Security.
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
"If you live to be older than the break-even age for having waited, you will have lost out on the higher payout you would have received by waiting. However, you simply cannot predict how long you will live, so we advise taking Social Security as soon as you stop working."
A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits.
Beneficiaries are currently searching for information on How Do I Receive the $16728 Social Security Bonus? Retirees can't actually receive any kind of “bonus.” Your lifetime earnings are the basis for a calculation that the Social Security Administration (SSA) uses to calculate how much benefits you will receive.
As of December 2023, the average check is $1,767.03, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient.
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.
You may be eligible to collect Social Security as early as 62, but waiting until age 70 yields greater benefits for most people.
We: Base Social Security benefits on your lifetime earnings. Adjust or “index” your actual earnings to account for changes in average wages since the year the earnings were received. Calculate your average indexed monthly earnings during the 35 years in which you earned the most.
Based on the 80% principle, you can expect to need about $96,000 in annual income after you retire, which is $8,000 per month.
No waiting period is required if you were previously entitled to disability benefits or to a period of disability under § 404.320 any time within 5 years of the month you again became disabled.
Depending on what someone's retirement age is, the decision to collect Social Security early could result in a monthly reduction of about 20 to 30 percent of what they would have gotten if they waited until full retirement age.
The current full retirement age is 67 years old for people attaining age 62 in 2024. (The age for Medicare eligibility remains at 65.) See Benefits By Year Of Birth for more information.
(See Figure 1.) Now that the full retirement age is 67, a worker who files at 62 gets 70 percent of a full benefit, or $1,400 per month, in this example. If the full retirement age were 70, a worker filing at age 62 would get 57 percent of a full benefit, or $1,140 per month.
Generally speaking, the average Social Security check was $1,710.78 in November 2023, according to the Social Security Administration. However, this number doesn't specifically address retirees who earned a middle income during their time in the workforce.
You must have worked and paid Social Security taxes in five of the last 10 years. If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.
Social Security benefits are calculated based on the individual's highest 35 years of inflation-adjusted earnings. The amount a person receives in Social Security benefits is not directly affected by their current income or wealth.