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A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...
A study published by the National Bureau of Economic Research in November 2022 found that 90% of workers ages 45 to 62 would maximize their Social Security by claiming benefits at age 70.
Lastly, about 3.01 million retired workers who were 70 years old in December 2023 collected an average Social Security check totaling $2,037.54. In short, retired workers at age 70 received 57% ...
Source: Social Security Administration. Table by author. Despite the potential to earn far more at age 70 than at earlier ages, it's not the most popular time to claim.
Age 70 is the last age at which you can file for increased Social Security benefits. At 8% per year, your benefit jumps by 24% over your full retirement age, to $1,240.
Every year, Social Security's Office of the Actuary (OACT) releases a data set that breaks out average retired-worker payouts at each age from 62 through 99-plus.
As shown above, the average Social Security payout generally increases with age, such that the average 70-year-old retiree gets about $757 per month more than the average 62-year-old retiree.
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).