This Is the Average Social Security Benefit for Age 66
So you're 66 – born in 1959, a year when the U.S. military was involved in the Vietnam War and when Ford Motor Company produced its millionth Mustang car. At 66, you're old enough to be collecting Social Security benefits, though you may not have started yet.
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You (and others) may be wondering how much retirees aged 66 (and other ages) are collecting from Social Security. Here are the average monthly benefits for those of different ages as of the end of last year:
|
Age |
Average benefit, all |
Average benefit, men |
Average benefit, women |
|---|---|---|---|
|
62 |
$1,342 |
$1,486 |
$1,207 |
|
65 |
$1,611 |
$1,785 |
$1,453 |
|
66 |
$1,740 |
$1,936 |
$1,553 |
|
67 |
$1,930 |
$2,143 |
$1,719 |
|
70 |
$2,148 |
$2,390 |
$1,909 |
|
72 |
$2,117 |
$2,343 |
$1,894 |
|
75 |
$2,065 |
$2,278 |
$1,857 |
|
80 |
$2,006 |
$2,206 |
$1,816 |
|
85 |
$1,944 |
$2,120 |
$1,788 |
Source: Social Security Administration.
We can turn on the Social Security spigot as early as age 62. Doing so means you'll get smaller checks but more of them. (Delaying collecting can sometimes make your benefits bigger.) However, there are many considerations when deciding when to start collecting Social Security. (One report has suggested that for 57% of retirees, the best strategy is to delay claiming benefits until age 70.)
You can get a good estimate of how much you can expect from Social Security by setting up a my Social Security account at the Social Security Administration (SSA) website. Do so, and you'll be able to see the latest estimates of your future benefits based on the SSA's records of your earnings.
There are ways to increase your Social Security benefits beyond delaying claiming them. Earning more is one such strategy.
Take some time to learn more about Social Security because it's likely to be vital to you in the future, if not now, and some are looking to change it. Per one report, 91% of retirees depend on Social Security.
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Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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