Title: The Typical Social Security Benefit at Age 67
Rewritten Article:
For folks born in the sixties and beyond, Social Security's full retirement age is 67. So, the big question is, what's the typical take for a 67-year-old?
The straightforward answer: an average 67-year-old retiree pockets around $1,883.50 a month from Social Security. But there's more to it than meets the eye.
Diving Deeper into the Average
First things first, this average figure is marginally less than the overall average for retired workers, which stands at $1,905.31 per month. The reason? Those who are 67 by definition aren't included in the group who collects beyond full retirement age. In other words, this average 67-year-old figure refers to the current age cohort, not the historical one.
Delaying Social Security can lead to higher monthly benefits – in fact, if your full retirement age is 67, holding off until you're 70 could boost your benefits by up to 24%.
To illustrate, the average 67-year-old, who ties the knot with their benefits before hitting full retirement age, picks up a mere $1,666.70 monthly. Conversely, those who wait until after their retirement age reaches its zenith enjoy $2,720.35.
It's also worth mentioning that Social Security offers more than just benefits for retired workers. For instance, the average monthly spousal benefit for a 67-year-old is approximately $833.43, while the average survivors benefit for a 67-year-old nondisabled widow(er) is around $1,916.72.
Enrichment Insights Integrated:
- Overall: The average monthly Social Security benefit for a 67-year-old retired worker is approximately $1,883.50, based on recent data[5]. Delaying retirement beyond full retirement age could lead to an increase in benefits, with those who wait until age 70 receiving up to 124% of their full retirement benefit[4]. Other types of Social Security benefits, such as spousal and survivors benefits, also exist. For instance, the average monthly spousal benefit for a 67-year-old is approximately $833.43, and the average survivors benefit for a 67-year-old nondisabled widow(er) is around $1,916.72.
After considering the various Social Security benefits, it's important to note that the average monthly spousal benefit for a 67-year-old is significantly lower than the retirement benefit, at around $833.43. Furthermore, in the context of retirement finance, many individuals might need to supplement their Social Security income with other sources of money, such as personal savings or pension funds, to ensure a comfortable retirement.
