By itself, it’s probably not going to be enough income for most retirees.
Do you know how much you’ll likely be receiving in Social Security benefits when you turn 67? Or perhaps you’re already 67 years old and would like to know how your monthly checks stack up to those of other retirees your age.
Everyone’s number is different, of course. If knowing the typical figure will help you, however, keep reading.
The magic number for the average 67-year-old
Per the Social Security Administration’s latest report, the average 67-year-old is collecting $1,844.83 of retirement benefits every month.
Don’t be too quick to assume you will be — or should be — collecting a comparable amount. As I mentioned, these numbers can vary widely from one individual to the next. A handful of the very highest income earners may be receiving nearly $4,000 per month, while some 67-year-olds at the other end of the spectrum are only collecting a few hundred bucks per month. Your lifetime earnings and the age at which you claim benefits can dramatically affect your current or future payments.
However, Social Security retirement beneficiaries at this age are largely collecting monthly payments within $500 of that $1,844.83 figure.
Make informed, thought-out decisions
Are you not on track to collect anywhere near that amount? There are various actions you can take to try to address any retirement funding shortfall when the time comes, including postponing retirement, working part-time, or reconfiguring your investments to generate more reliable income.
And for any 67-year-olds already collecting Social Security who are getting less than the average, you also have options to increase your monthly benefit.
The one thing you absolutely don’t want to do is make a rushed, panicked decision about your finances without having all the relevant information. If you haven’t yet, contact the Social Security Administration to request your projected monthly payments, or to discuss your options — whether or not you’re already collecting.