The Social Security Administration (SSA) has confirmed that the average retirement benefit payment at age 62 in June 2024 is approximately $1,311.44. Men typically receive a slightly higher average payment of $1,453.66, while women tend to receive an average of $1,178.41.
Average Payments by Age
- Age 63: The average payment is $1,344.04. Men receive about $1,484.93, while women get $1,213.18.
- Age 64: The average payment increases to $1,436.19. Men receive about $1,588.78, and women get $1,295.17.
- Age 65: At age 65, the average Social Security payment is $1,583.32. Men receive around $1,756.15, while women get about $1,426.17.
As you age, your Social Security payments continue to increase, with the following average amounts:
- Age 66: $1,774.06
- Age 67: $1,893.59
- Age 68: $1,947.36
- Age 69: $1,971.60
- Age 70: $2,067.92
Delayed Benefits at Age 70
Delaying your retirement benefits until age 70 results in a 24% increase in your monthly payment. If you’re able to wait, this can be a great way to boost your retirement income.
Also Read – Social Security Benefits Increased for Public Sector Workers Under New Biden-Signed Law
Payments After Age 70
After age 70, the payments typically begin to decrease, which can impact seniors due to rising inflation and living costs. Here are the average Social Security payments by age for seniors beyond 70:
- Age 71: $2,056.80
- Age 72: $2,043.72
- Age 73: $2,011.22
- Age 74: $2,002.33
- Age 75: $2,013.32
- Age 76: $1,998.18
- Age 77: $2,003.54
- Age 78: $1,972.35
- Age 79: $1,954.13
- Age 80: $1,945.51
- Age 85: $1,880.58
- Age 90: $1,759.50
- Age 95: $1,770.36
- Age 99 and older: $1,723.75
Impact of COLA in 2025
Due to the 2025 Cost-of-Living Adjustment (COLA) increase, Social Security payments will be about $40 to $50 higher. For example, if your payment is $1,000, you’ll see a boost to $1,025. Similarly, those receiving $2,000 will see an additional $50 per month.
Supplemental Security Income (SSI)
If your Social Security retirement benefit is too low to meet your needs, you may qualify for Supplemental Security Income (SSI). Seniors aged 65 or older can expect an average SSI payment of about $575 per month, which can help supplement their income.
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