Social Security Benefits: What to Anticipate When You Turn 70

Wondering what the average Social Security benefits a person needs to get by the time they hit 70? You actually get much more than you would have ever thought possible. You might be entitled to an even better deal if you keep working for the company. Knowing the right age to take your Social Security benefit may just help you make some correct decisions when it comes to retirement.

Knowing When to Apply for Social Security Benefits

You can apply anytime between the ages of 62 to 70 for your Social Security benefits to start. The earlier you start, the less that the actual payouts are going to be, but there will be more of them. If you wait until you are 70, you will have a larger monthly payment, but fewer of them.

Why Some Claimants File Early

One of the most important decisions a lot of people make is when to start receiving their Social Security benefits. For many different reasons, not limited to :

If you think that you might not live as long as the average person, then, starting your life a little earlier does make some sense. But to many, delaying until age 70 means significantly larger monthly payouts adding up to much more in money later on in life.

Average Benefits at Age 70

If you were to wait until you are 70 years old, would you like to know how much money you could get? Depending upon your previous employment experience and the sum of money which you earned. There was an average benefit of about $1,965 a month, or approximately $23,580 per year, for someone who had delayed until age 70 years old, as of December 2022. This is lower than the average payment of $1,918 per month that is received by all retired workers.

COLAs: cost-of-living adjustments

A cost-of-living adjustment, known as COLA, is added to Social Security annually. For instance, the cost-of-living adjustment was 3.2% for 2023. As such, the average benefit rose to nearly $2,030 per month. Depending on how much money one makes, the benefit you get can be bigger or smaller.

Check Your Future Benefits Easily Open a my Social Security account on the SSA’s website, and you’ll be able to determine how much money you may receive in the future. Once you have opened an account, log in at any time to find the most current estimate of your benefits, based on your retirement date. To create your Social Security account, log onto the website of the Social Security Administration. From there, go to their “my Social Security” page.

Knowing when to start receiving your Social Security is one of the biggest decisions you’ll make, and it might be one that will affect the state of your finances in retirement. Of course, some have to get started, but beginning at age 70 could mean the difference between significantly higher payments at that time in your life.

Opening a my Social Security account is an easy way to track your future benefits and make informed decisions about your retirement financial situation.

Knowing when to start collecting your Social Security is one of the most important decisions you will make, as it will have a huge impact on the level of financial stability you will experience in retirement. Of course, many need to get started right away, but for others, there can be very large differences in the monthly payments at that time if you can wait until age 70.

Opening a my Social Security account is an easy way to track your future benefits and make informed decisions about your retirement financial situation.

FAQs:

What would the benefits of Social Security be at the age of 70?

You will receive 108 percent of the monthly benefit if you begin collecting retirement benefits at the age of 67.

Can I start collecting all of my Social Security benefits at what age?

Those who were born in 1960 or after are eligible to receive their full retirement benefits at the age of 67.over a period of forty-eight months.

When should one retire in order to receive the maximum amount of benefits from Social Security?

Delaying your retirement until as late as possible (preferably till you reach the age of 70) may be your best bet if your primary objective is to maximize your monthly income.