Exploring the Average Social Security Benefit for Men and Women at Ages 62, 66, and 70
Friday, 8 March 2024, 09:00
Average Social Security Benefit for Men and Women at Different Ages
The post examines the average Social Security benefit for retired men and women aged 62 to 70 as of December 2023. The data reveals key differences based on gender and age group:
- Men receive larger benefits than women at all ages
- Benefits are smallest at age 62, largest at age 70, and intermediate at age 66
Factors Influencing Social Security Benefits
The primary factors affecting Social Security benefits include work history, lifetime income, and claiming age:
- Work history and lifetime income: Higher lifetime earnings and longer work histories result in larger benefits
- Claiming age: Delaying Social Security until age 70 can significantly increase benefits
By optimizing these factors, workers can enhance their future Social Security benefits.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.