Social Security benefits are a vital source of income for retirees in the United States. For those born in 1960 or later, the full retirement age for Social Security is 67.
So, how much can you expect to receive in Social Security benefits when you reach this age? Let’s break it down.
The Average Social Security Benefit at Age 67
For most people reaching 67, the average monthly benefit is $1,883.50. This amount is based on the current workers who are retiring at full retirement age.
However, this is just the average. The actual benefit can vary depending on several factors, including when you start collecting Social Security and how long you’ve worked.
How Does the Average 67-Year-Old Benefit Compare to Other Retirees?
The figure of $1,883.50 is slightly less than the overall average Social Security benefit, which is $1,905.31 per month.
This difference is mainly because the overall average includes individuals who began collecting their benefits before reaching full retirement age, as well as those who waited until after their full retirement age.
It’s important to note that if you begin receiving Social Security benefits before your full retirement age (67), your monthly benefit will be reduced. On the other hand, if you wait until after your full retirement age, your benefit can be increased.
Why Waiting to Take Social Security Can Increase Your Benefit?
If your full retirement age is 67, but you wait until you are 70 to start collecting Social Security, your benefits can be permanently increased by up to 24%.
This can be a substantial boost to your monthly check and can help you enjoy a higher standard of living during retirement.
To give you an idea of the difference, the average 67-year-old who began collecting Social Security before reaching full retirement age only receives about $1,666.70 per month.
In comparison, a 67-year-old who waits until after their full retirement age to start benefits can expect an average monthly payment of $2,720.35.
Social Security Benefits for Different Types of Retirees
Social Security isn’t just for retired workers. There are other benefits available, depending on your situation.
- Spousal Benefits: If you are a 67-year-old spouse who has not worked, or has worked less than your spouse, you might qualify for spousal benefits. The average spousal benefit is about $833.43 per month.
- Survivor Benefits: If you are a widow or widower, you may qualify for survivor benefits. For a 67-year-old widow or widower, the average survivor benefit is around $1,916.72 per month.
Factors That Affect Your Social Security Benefit
The amount of Social Security you receive can depend on several factors:
- Your Earnings History: The more you earn during your working years, the higher your Social Security benefit will be.
- When You Begin Collecting Benefits: As mentioned earlier, waiting to take your benefits can increase your monthly check.
- Type of Benefit You Are Eligible For: Whether you are collecting a worker’s benefit, spousal benefit, or survivor’s benefit will affect the amount you receive.
Planning for the Future
Understanding how Social Security benefits work is crucial for planning your retirement. While $1,883.50 per month may sound like a lot, it may not be enough to cover all your expenses, especially if you don’t have other sources of retirement income.
It’s always a good idea to start planning early and explore other retirement savings options, such as 401(k)s or IRAs.
Conclusion
While the average Social Security benefit at age 67 can provide financial support, it’s essential to understand the factors that can influence the amount you’ll receive.
By carefully considering when to start collecting your benefits and exploring other financial options, you can better prepare for a comfortable retirement.
Disclaimer- Our team has thoroughly fact-checked this article to ensure its accuracy and maintain its credibility. We are committed to providing honest and reliable content for our readers.
Archer Bannister is a journalist with 4 years of experience covering hard-hitting stories. Currently working with Mikeandjonpodcast, Archer specializes in delivering timely and in-depth updates on a variety of topics, including crime news, politics, and national issues affecting the USA. His expertise and dedication to delivering accurate, impactful news make him a trusted voice for audiences seeking to stay informed on critical topics.
