Social Security benefits are a crucial part of many Americans’ retirement plans. If you’re someone who is planning for retirement or already in that stage of life, understanding how much you can expect to receive in Social Security payments is key to your financial planning. For those born in 1960 or later, the full retirement age for Social Security is 67 years old. But what exactly is the average Social Security benefit for someone who is 67? Let’s dive into the details to give you a clearer picture.
Average Social Security Benefit for a 67-Year-Old Retiree
The short and simple answer to how much the average 67-year-old retired worker receives in Social Security benefits is $1,883.50 per month. While this might sound like a decent amount, it’s important to remember that Social Security benefits vary based on a variety of factors, including when you start collecting your benefits and your earnings history.
At 67, most people have reached their full retirement age for Social Security. For individuals born in 1960 or later, the Social Security Administration considers 67 as the age when you can begin receiving full benefits. But what if you start your benefits earlier or later?
Why the Average Benefit at Age 67 is Slightly Lower
To understand why the average benefit for a 67-year-old is $1,883.50 and not higher, let’s explore a little more. The general average for Social Security benefits is $1,905.31 per month, but this number includes people who started receiving their benefits early, at the official retirement age, or even after full retirement age. The benefit amount for those who start at full retirement age is typically higher.
So, when you look specifically at those who are 67 years old and just beginning to collect benefits, their average monthly payout is slightly lower than the overall average. To put it in context, if someone begins their Social Security benefits before reaching full retirement age, their monthly payment is usually lower than if they wait until full retirement age or beyond.
The Impact of Waiting to Claim Social Security Benefits
One key strategy that can significantly increase your Social Security benefits is waiting to claim them. While you can start receiving Social Security benefits at age 62, doing so reduces your monthly payment. If you wait until your full retirement age (67 for those born in 1960 or later), you will get your full benefits. However, waiting even longer can be even more beneficial. If you delay your benefits until age 70, your Social Security payment can increase by up to 24% compared to the benefit you would have received at 67.
For example, the average 67-year-old who starts claiming Social Security before reaching full retirement age only receives about $1,666.70 per month. But for those who wait until after reaching 67, their average monthly benefit increases significantly to about $2,720.35.
Other Types of Social Security Benefits at Age 67
It’s also worth noting that Social Security isn’t just about the benefits that retirees receive. There are other types of Social Security benefits that apply to specific situations, such as spousal benefits and survivors benefits.
For those who qualify for spousal benefits at age 67, the average monthly payment is $833.43. On the other hand, survivors benefits for a 67-year-old non-disabled widow(er) average $1,916.72 per month. These figures are important for people who are planning their Social Security strategy and may benefit from other types of coverage beyond the standard retirement benefits.
Social Security Bonus: A Potential Boost to Your Retirement Income
For many Americans, retirement savings don’t always reach the goal they initially hoped for. But here’s the good news: there are some little-known strategies that can help boost your Social Security benefits. In fact, many retirees overlook a potential bonus that could add as much as $22,924 more to their annual Social Security payout.
This bonus can be a game-changer for your retirement income. By learning and applying specific Social Security strategies, it’s possible to maximize the benefits you receive. Whether it’s by delaying your benefits or taking advantage of other strategies, knowing these “Social Security secrets” could help ensure you retire with the financial peace of mind you deserve.
In conclusion, understanding how much you can expect from Social Security at age 67 is crucial for planning your retirement. While the average monthly payment is $1,883.50, there are strategies you can use to increase that amount. The key takeaway is to plan carefully, know your options, and make the most of your benefits to ensure a more comfortable retirement.
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