The Social Security Administration (SSA) provides a vital financial resource for millions of retirees, and the benefits you receive depend on when you claim them.
In 2024, the average monthly Social Security benefits vary based on age and other factors like retirement. This article gives you an idea of what to expect in 2024, which breaks down the average benefits by age.
The Average Social Security Benefit in 2024
In January 2024, the average Social Security retirement benefit is $1,907 monthly. However, this amount changes depending on the age at which you begin claiming your benefits. If you retire early or delay, your monthly checks will be adjusted accordingly.
Here is a breakdown of the average Social Security benefit based on age:
| Age | Average Monthly Benefit (2024) | Benefit Adjustment |
|---|---|---|
| 62 | $2,710 | Reduced for early retirement |
| 67 | $3,822 | Full retirement age (no reduction) |
| 70 | $4,873 | Maximum benefit (with delayed retirement credits) |
Social Security Benefits by Age Group
1. Retiring at Age 62
If you quit early and start getting benefits at age 62, your monthly check will be less because of penalties.
If you retire at age 62 in 2024, you can expect to earn about $2,710 monthly from Social Security. This decrease makes up for the fact that you will be getting rewards for longer.
2. Retiring at Full Retirement Age (66/67)
People get all of their benefits if they wait until they are 67 or 66 years old, depending on what year they were born. It will be $3,822 a month on average for people who reach full retirement age by 2024.
3. Retiring at Age 70
Delaying retirement until age 70 can significantly boost your Social Security check. Each year you delay beyond your full retirement age, your benefit increases by 8% due to delayed retirement credits. In 2024, the average monthly benefit at age 70 is $4,873—the highest possible payout.
How Social Security Benefits Vary?
The amount of your Social Security benefit depends not only on your retirement age but also on your earnings history.
Most of the time, better perks come with bigger lifetime incomes. Additionally, the monthly benefit will increase if you delay receiving your benefits up to your complete retirement age. This means you will get a bigger check when the first payment is due.
How Delayed Retirement Affects Your Benefit?
By delaying retirement, you can maximize your monthly Social Security checks. If you retire at age 70 instead of 62, your monthly benefit could be more than $2,100 higher.
This significant difference makes waiting until age 70 a smart financial decision for many individuals, especially if they have a long life expectancy.
Conclusion
It’s very important to think about when to start getting Social Security payments. If you leave at age 62, you can start getting your benefits early. But if you wait until your full retirement age, or even until age 70, your monthly payments could be much higher.
The average monthly benefit in 2024 ranges from $2,710 at age 62 to $4,873 at age 70. This gives retirees choices based on their wants and circumstances.
