Here’s the Average Social Security Benefit at Ages 62 to 70 (for Men and Women)
Retirees can maximize their Social Security benefits by claiming at age 70.
Overview
Last year, 4 million retired workers claimed Social Security, and 22% of them filed for benefits at age 62, the earliest possible claim age. Those people got the smallest possible payout based on their personal work history.
Meanwhile, about 8% of newly awarded retired workers started collecting Social Security at age 70, the latest sensible claim age. Those individuals received the largest possible payout based on their personal work history.
Details
There are pros and cons to claiming earlier and later, but future retirees need to understand exactly how claim age will affect their benefits. Without that information, it is impossible to make an educated decision about when to start Social Security. Read on to see the average benefit for men and women at different ages.
Source
Originally published at www.fool.com.