How much Social Security will I get when I turn 65?
The median payout for retirees aged 65 has increased steadily in real terms over the last several decades.
The average retirement age in the United States has remained 65 for the better part of the previous century, but this doesn’t indicate that most people retire at that point. For example, Forbes reported in 2012 that in 1992, the median retirement age in the United States was 62 for men and 59 for women, based on research from the Center for Retirement Research at Boston College.
Since then, the typical retirement age has crept up toward historical norms. In 2001, males typically retired at 63, while women typically did so at 60; by 2010, those ages had risen to 64 and 62, respectively. According to a survey conducted in 2021, males typically retired at the age of 65, while women did so at the age of 62.
You are not required to begin receiving Social Security payments upon retirement at age 65. Many Americans delay retirement until age 70 or later, even if doing so increases their regular paycheck. If you want to know more, read on.
What is the average of social security income one can receive
According to the Social Security Administration, the average monthly benefit for people receiving Social Security at age 65 in 2022 is around $2,484. According to the government, seniors over 65 receiving Social Security get an average yearly payout of $29,806. In 2023, seniors 65 and older may anticipate an annual payout of $30,708, or $2,559 per month.
Compare those figures to the average monthly Social Security income in August 2022, which was $1,546.59, and it becomes clear that the former is far more generous. Many reasons contribute to the disparity, including the fact that payments to beneficiaries under the age of 65 tend to be less on average.
The median payout for retirees aged 65 has increased steadily in real terms over the last several decades. However, even considering inflation, payouts have decreased over time. The Social Security Administration has released its projections for the average annual payment paid to retirees aged 65 in 2001 dollars.
The Social Security Administration (SSA) conducts annual cost-of-living adjustments (COLAs) to assist recipients in coping with inflation. Still, these COLAs don’t always keep up with the real inflation rate. For example, consider 2022, when the COLA is 5.9%, and real inflation is over 8% throughout the year.
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