This Is the Average Social Security Benefit for Age 69
With any luck, our retirement years will be pleasant, as we do more of the things we've always wanted to do while living off retirement savings and Social Security. Before you retire, though, learn how much to expect from Social Security.
Here's the simplest answer: As of February, the average monthly retirement benefit was $1,981 -- or around $23,750 annually.
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Here is a more detailed answer, featuring recent average monthly benefits for recipients of various ages. Note that 69-year-olds are collecting, on average, around $2,040 per month, or about $24,500 annually.
|
Age |
Average Benefit, All |
Average Benefit, Men |
Average Benefit, Women |
|---|---|---|---|
|
62 |
$1,342 |
$1,486 |
$1,207 |
|
65 |
$1,611 |
$1,785 |
$1,453 |
|
67 |
$1,930 |
$2,143 |
$1,719 |
|
69 |
$2,040 |
$2,267 |
$1,817 |
|
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 |
Data source: Social Security Administration.
When you look more closely, you'll see that women tend to receive less in benefits. That's because they've often earned less than men and many times have been out of the workforce for a while, caring for others.
Even if you're a man, you may be discouraged by these numbers, finding them insufficient. If so, take heart, because there are multiple ways to increase your future Social Security benefits. A key way to do so is to delay claiming them. Various studies have found that waiting until age 70 is the best move for most folks.
Still, Social Security will likely never provide all you need. So aim to set up multiple income streams for your retirement -- perhaps via dividends, annuities, and/or interest. You might also work part-time for the first few years of retirement for some extra income. Delaying your retirement for a few years is another powerful move.
For a clearer estimate of how much you can expect from Social Security, set up a my Social Security account at the Social Security Administration (SSA) website.
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