This is the average Social Security benefit for age 70

Almost all of us look forward to retirement, and many, if not most, of us assume that Social Security income will be pretty important to us then. So it’s natural to wonder what we might expect from Social Security. Here are some answers to this question.

First, know that in total The average monthly Social Security retirement benefit was $1,919 in July. This amounts to approximately $23,000 annually. Social Security benefits increase almost annually, however, due to cost-of-living adjustments (COLAs).

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That probably sounds weak to you — and it is. One reason is that many people claim their benefits early, such as age 62 or 63. We can start collecting as early as age 62 or we can delay until age 70. Starting early means smaller benefit checks — though an early claimant will collect far more of them than someone who waits until, say, 70. (When to start receiving your Social Security benefits is an important decision.)

For most people, the best strategy is to wait until age 70, if you can, to maximize the total benefits received. The average monthly Social Security retirement age for those age 70 at the end of 2023 was about $2,038, or nearly $24,500 annually. It’s clearly better than $1,919, but not by much. Remember, however, that those who earned more than average will collect more than average.

You can get one much get a better idea of ​​how much you can expect from Social Security by creating a Social Security account on the Social Security Administration (SSA) website. Do this and you’ll be able to visit your account at any time to see the latest estimates of your future benefits.

You also know that there are more ways to increase your Social Security benefits beyond deferring until age 70. Learn more about Social Security, and your future can be more secure.