For the majority of the last hundred years, 65 has been considered the standard retirement age in the United States; however, this does not mean that most Americans retire at that age
According to a Forbes report that cited data from the Center for Retirement Research at Boston College, the average retirement age in the United States in 1992 was 62 for men and 59 for women.
Retirement Benefits
The ordinary pension age has crept closer to what was once thought to be the normative retirement age. In 2001, the average age for men was 63, and for women, it was 60; nine years later, those averages had risen to 64 and 62, respectively. In 2021, the ordinary retirement for men was 65 and 62 for women.
Even though retiring at 65 does not obligate you to begin receiving Social Security benefits at that age. You can wait until the age of 70, which many Americans do because the longer you wait, the higher your monthly payment will be.
According to the Social Security Administration, the average monthly payment for those turning 65 in 2022 will be around $2,484.
This is based on the agency’s estimate that the average annual benefit for Social Security recipients over 65 is $29,806. In 2023, the moderate yearly use for 65-year-olds is expected to rise to $30,708, or $2,559 per month.
According to the Social Security Administration, these figures are significantly higher than the average monthly benefit for all Social Security recipients, which was $1,546.59 in August 2022. The disparity is due to various factors, including that recipients under 65 typically receive lower payments.
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Calculate Your Benefits!
According to the Social Security Administration, the average monthly payment for those turning 65 in 2022 will be around $2,484.
Even though the Social Security Administration implements annual cost-of-living adjustments to assist beneficiaries in dealing with inflation, those adjustments are only sometimes effective in combating the actual inflation rate.
Consider 2022, when the COLA is 5.9%, but the actual inflation rate has been above 8% for most of the year.
Suppose you are nearing 65 and want to estimate your Social Security benefits. In that case, the AARP suggests using its own Social Security Benefits Calculator or logging into your online My Social Security account.
This last option centers the assessment on your earnings record with the Social Security Administration. You’ll need to enter your average annual income into the AARP calculator.
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