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Here's The Average Social Security Benefit For A US Retired Worker By Age

October 13, 2024
Here's The Average Social Security Benefit For A US Retired Worker By Age
  • USA

Between the ongoing anxiety of Social Security benefits running out (we now have a better sense of its future) and anxieties about how much you need to retire comfortably, the process of saving for retirement can be stressful. It may also need researching, managing, and maintaining numerous types of retirement funds, as well as hiring a financial advisor to help you make sense of it all. Social Security benefits play an important role in most Americans' retirement plans. Or, more particularly, what monthly benefits you might expect to get after retirement. Unfortunately, getting a firm answer for this sum can be difficult.Anyone can technically start receiving their Social Security retirement benefits as early as age 62; however, there can be significant benefit reductions for choosing to do so. For example, according to the Social Security Administration's benefit-reduction table, anyone turning 62 in 2024 would face a 30% cut in their benefits amount compared to what their full-retirement amount would be at 67.It's also important to realize that the age of full retirement depends on the year you were born. For those born between 1943 and 1954, the full retirement age is 66 while those born between 1955 and 1959 have a gradual increase. The full retirement age is 67 for those born in 1960 and after. This is important because it can have a significant impact on the average Social Security benefit amount people receive depending on their age. Let's dive into the financial possibilities.