Connect with us

Hi, what are you looking for?

OMD NewsOMD News


Average Age of User of Social Security and Monthly Benefits Revealed!

Average Age of User of Social Security and Monthly Benefits Revealed! (Photo: Google)

One of the most important considerations nearing retirement is when to collect Social Security. When to start benefits might have major financial consequences, even when eligibility begins at 62. Understanding the average age of user of Social Security at which Americans claim monthly installments might help retirees plan.

What's the most popular age to take Social Security?

Average Age of User of Social Security and Monthly Benefits Revealed! (Photo: USA Today)

Average Age of User of Social Security

The average age of user of Social Security benefits has grown over time owing to legislation changes. With changes to the full retirement age and fines or credits for early or delayed claiming, pensioners have more advantages depending on when they start receiving payments. People who claim benefits before full retirement age receive smaller monthly amounts, while those who defer benefits receive greater sums.

New Social Security retirement benefit awards averaged 65 for males and 64.9 for women in 2022. Despite this tendency of postponing benefits, when to claim depends on health, finances, and personal circumstances.

The average monthly Social Security payout for new retirees in 2022 was $1,938.75. Due to decreased primary insurance payments, people who claimed benefits earlier, such as at 65, earned below-average payouts.

READ ALSO: 6 Tax Filing Mistakes To Avoid In 2024: Stay Audit-Free With These Tips!

The Importance of Strategic Social Security Claiming Strategy

Many seniors may not profit financially from collecting Social Security at 65, the typical retirement age. Delaying benefits until full retirement age or even 70 can increase lifetime benefits for most people. Studies reveal that most retirees would maximize their wealth by waiting until 70 to receive benefits.

Individual circumstances and long-term financial planning goals should determine whether to collect Social Security payments. To maximize retirement income, people should consider life expectancy, financial security, and claiming ages.

The tale emphasizes the significance of precise Social stability claiming strategy due to the possible impact on retirement financial stability.

READ ALSO: Are You Interested In Avoiding A Reduced Tax Refund Next Year?

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


There is finally an update on 4th stimulus check for Social Security Recipients! Individuals who receive Social Security benefits can expect to receive a...


The attack using 14 military choppers that Russian President Vladimir Putin planned was destroyed by Ukraine using US-supplied long-range tactical missiles. Russian President Vladimir...


The Biden administration has announced recently that it plans to increase the monthly payments of seniors and veterans to $2,000. $2,000 in Monthly Payments...


In Texas, this September the SNAP payments will end, worth up to $1,691, on Friday. The household income determines eligibility. A single-person household must earn more than...