The average 70-year-old gets significantly more money than the average Social Security recipient. The Social Security Administration (SSA) releases an annual publication called the Social Security Statistical Supplement. It contains data about the benefits being paid out, including a list of how much the average beneficiary is receiving by age.
Americans can choose to start collecting Social Security benefits at any time between ages 62 and 70. Your monthly benefit can be significantly higher if you wait as long as possible. As of the latest data from December 2023, the average 70-year-old retired worker receives a Social Security benefit of $2,037.54 per month, or about $24,450 per year.
Delaying benefits increases monthly payout
This is significantly higher than the overall average retired-worker’s Social Security benefit of $1,905 per month. It’s important to note that this average benefit for current 70-year-old beneficiaries includes people who started collecting at various ages (62, 63, 64, etc.) and have now reached 70 years old.
This broad inclusion tends to bring the average down. For those who waited beyond their full retirement age to start collecting benefits—but not necessarily until age 70—the average benefit increases significantly, to $2,916.32 per month, or nearly $35,000 per year. The average for this group, had they claimed at their full retirement age, would have been $2,399.39 per month.
The numbers are clear: if you can afford to wait, it can be financially advantageous to delay claiming your Social Security benefits.
Noah Nguyen is a multi-talented developer who brings a unique perspective to his craft. Initially a creative writing professor, he turned to Dev work for the ability to work remotely. He now lives in Seattle, spending time hiking and drinking craft beer with his fiancee.
