Will you receive a larger pension if you delay your retirement until age 70?Photo byUSA Diario
Workers who wait until age 70 to apply for retirement get more money. Here are the details of the average Social Security check at this age.
To receive maximum benefits, workers born after 1960 must wait until age 67 to reach full retirement age to claim the monthly payment the Social Security Administration (SSA) offers month after month. The administration recommends that individuals claim their payments when they reach full retirement age.
Although workers can retire and begin receiving benefits as early as age 62, delaying claiming until age 70 provides an increase in the value of the payment.
At age 70, what would the average Social Security check be?
Earnings during your career basically determine the amount of money a worker will collect in retirement. But if you wait to apply for retirement at age 70, the checks can be larger, and they increase on an annual basis thanks to the cost-of-living adjustment (COLA).
In 2023, average payments for all retirees enrolled in the Social Security program rose to approximately $1,827, corresponding to the 8.7% COLA announced by SSA. Depending on age, the amount varies to a lesser or greater extent.
For example, according to SSA, someone retiring in 2023 at age 62 can receive a maximum of $2,572. For someone retiring at full retirement age, the maximum Social Security benefit would be $3,627 per month, and for those waiting until age 70, the figure would increase to $4,000.
To check the estimated amount of money they could receive in retirement, workers can use the Social Security Benefit Calculator or request a calculation through their My Social Security account.
