Are you wondering about the average Social Security benefit for someone who is 70 years old? The amount you get might be more than you expect! If you’re still working, you might even receive a higher payment.
Knowing when to start claiming Social Security benefits can help you make smart choices for your retirement.
Claiming Social Security: Why Timing is Important
You can start getting Social Security benefits anytime between 62 and 70 years old. If you start earlier, you’ll get smaller payments but more of them. If you wait until you’re 70, your payments will be larger each month, but you’ll get fewer total payments.
Why Some People Claim Early
Choosing when to start receiving Social Security benefits is a big decision. Some people decide to start early because:
- They lost their job
- They have health issues
- They need money right away
If you think you might not live as long as average, starting early might be a good choice. But for many people, waiting until age 70 can lead to much larger monthly payments, giving you more money later in life.
Average Benefits at Age 70
Want to know how much you could get if you wait until you’re 70? It depends on your work history and how much you’ve earned. As of December 2022, the average benefit for someone who waited until 70 was about $1,965 per month, or about $23,580 a year. This is more than the average payment of $1,918 per month for all retired workers.
Cost-of-Living Adjustments (COLAs)
Each year, Social Security benefits usually get a cost-of-living adjustment (COLA). For example, in 2023, the COLA was 3.2%. This increased the average benefit to around $2,030 per month, or about $24,360 a year. Your benefit could be higher or lower based on your earnings.
Check Your Future Benefits Easily
To find out how much you could get in the future, set up a my Social Security account on the Social Security Administration (SSA) website. You can log in anytime to see updated projections of your benefits based on when you plan to retire. Visit the SSA’s my Social Security page to create your account.
Deciding when to start Social Security benefits is an important choice that affects your financial security in retirement. Starting early might be necessary for some, but waiting until age 70 can provide you with much larger monthly payments.
Setting up a my Social Security account is an easy way to track your future benefits and make informed decisions about your retirement.
What is the average Social Security benefit for a 70-year-old?
As of December 2022, the average benefit for someone who waited until age 70 is around $1,965 per month.
Why should I consider waiting until age 70 to claim Social Security benefits?
Waiting until age 70 can significantly increase your monthly payments, providing more financial security later in life.
How can I check my future Social Security benefits?
Set up a my Social Security account on the SSA website to view updated projections of your future benefits.
What is a cost-of-living adjustment (COLA)?
A COLA is an increase in Social Security benefits to keep up with inflation. For 2023, the COLA was 3.2%.
Can I start claiming Social Security benefits before age 70?
Yes, you can start claiming benefits between ages 62 and 70. Starting earlier means smaller payments but more overall payments.