This Is the Average Social Security Benefit at Age 67
Claiming early or waiting until you reach this age before filing for benefits can make a measurable difference in the size of your monthly payment.
The Social Security Administration recently released information regarding average monthly retirement benefits. Currently, retirees receive an average of $2,071 each month. This figure represents a wide range of individual payments, as benefit amounts are influenced by several factors. Age plays a significant role in determining the size of a person's eventual Social Security benefit.
The amount of income earned during working years also impacts the size of the benefit, with higher earnings leading to larger payouts. Lastly, the number of years a person earned taxable wages contributes to the overall benefit calculation. A person's benefit is based on their top 35 highest inflation-adjusted earnings years recorded in their Social Security record.
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