What is the average Social Security check payment at age 70?
The Social Security Administration sent out payments to over 71 million Americans as of January 2023.
The Social Security Administration started off 2023 sending over 71 million payments to Americans in the first month of the year. The agency sends payments to contributors who have been disabled in their work, survivors or workers and the biggest group of all, retired contributors to the program.
While workers who have paid into the Social Security system can begin to claim benefits at age 62, they are penalized for not waiting until full retirement age. But for those that keep plugging away at their job until age 70, they receive boosted monthly payments. Here’s a look.
What is the average Social Security check amount at age 70?
The amount a worker earns at retirement is based primarily on the earnings they made in their career. However, checks can be larger if you delay retirement until age 70, and then increase each year thanks to the cost-of-living adjustment (COLA).
For 2023, the SSA announced a COLA of 8.7%. With this increase, average payments for all retirees enrolled in the Social Security program increased to approximately $1,827, according to the SSA. However, the average amount varies depending on age.
A worker can start receiving their Social Security retirement benefits at age 62, but if they start receiving them before what is deemed the full retirement age, they are reduced. On the other hand, if the worker decides to wait, they will collect more money.
According to the SSA, the maximum Social Security benefit for someone who retires at full retirement age is $3,627 per month. However, if you retire in 2023 at age 62, your maximum benefit would be $2,572. On the other hand, waiting until age 70 to claim increases the maximum benefit to over $4,000.
According to SSA data, as of December 2021, the most recent year for which the information is available, the average Social Security benefit at age 70 was $1,768.94. However, this has increased thanks to the COLA changes, which were 5.9% and 8.7% in 2022 and 2023, respectively. If a worker retires at age 70 this year, though, their maximum benefit would be $4,555.
Workers who want to retire and want an estimate of their Social Security benefits can use the Social Security Benefits Estimator. They can also request an estimate through a my Social Security account.