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Average and Maximum Social Security Benefits for 2023. As of April 2023, the average Social Security retiree benefit was $1,834.80. The maximum amount depended on when you filed for benefits.
Social Security can be a significant portion of a retiree's income. Nearly nine out of 10 people over 65 received benefits as of June 30 this year, according to the SSA, and benefits represent ...
Waiting until 70 would boost a Social Security benefit from $1,917 at 62 to $3,396 per month at 70 for someone with an FRA of 67. That's almost twice as much. Note that benefit increases for both ...
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
Image source: Getty Images. 1. The 2025 Social Security COLA. Social Security beneficiaries are getting a 2.5% cost-of-living adjustment, or COLA, starting with the payment they receive in January ...
The actual amount of benefits provided to the recipient depends on the age at which they claim their social security benefits, relative to their full retirement age. Full retirement age (FRA) is a function of year of birth and is defined by the Social Security Administration as follows:
Image source: Getty Images. 1. Benefits are getting a 2.5% cost-of-living adjustment. Each year, Social Security benefits are eligible for an automatic cost-of-living adjustment (COLA).
Social Security benefits will likely play an important part in your retirement income. After all, nearly nine out of 10 people aged 65 and older were receiving benefits as of June 30, 2023.