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Your claiming age can shift the Social Security payout scale more than any other factor. ... depending on your full retirement age, in the table. Birth Year. Age 62. Age 63. Age 64. Age 65 ...
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% ...
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 ...
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.
Data source: Social Security Administration. Despite earning similar salaries throughout their careers, someone turning 70 in 2025 could receive a benefit that's over 80% higher per month than ...
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.
Data source: Social Security Administration. Chart by author. Despite earning comparable salaries throughout their careers, the 70-year-old person can receive a monthly benefit 80% higher than ...
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.