The average 70-year-old gets significantly more money than the average Social Security recipient. Here are the latest numbers.
The Social Security Administration (SSA) releases a publication once a year called the Social Security Statistical Supplement. Among other things, it contains data about the benefits being paid out, including a list of how much the average beneficiary is receiving by age.
Americans can choose to start collecting Social Security at any time between ages 62 and 70, and your monthly benefit can be significantly higher if you wait as long as possible. With that in mind, here’s how much the average 70-year-old retired worker receives, and why you’d probably get even more if you wait until that age to claim your benefit.
Image source: Getty Images.
The average Social Security benefit at age 70
As of the latest data (December 2023), the average 70-year-old retired worker receives a Social Security benefit of $2,037.54 per month, or about $24,450 per year. This is significantly higher than the overall average retired-worker’s Social Security benefit of $1,905 per month.
One important thing to point out is that this is the average benefit for all current Social Security beneficiaries who are 70 years old — not just those who started collecting Social Security at 70. In other words, it includes people who started collecting at 62, 63, 64 years old, etc., who now happen to be 70 years old, and this brings the average down significantly.
If we only consider 70-year-old people who waited beyond their full retirement age to start collecting benefits — but not necessarily until age 70 — the average is significantly higher, at $2,916.32 per month, or nearly $35,000 per year. Of this group, the average primary insurance amount — or how much they would have received at full retirement age — is $2,399.39.
The numbers are clear. It can pay to wait to claim Social Security if you don’t need the money.