This Age Receives the Biggest Social Security Benefit Amount

Retirees have choices as to when they want to start collecting Social Security. You could start as young as 62. But the longer you wait, up until full retirement age, the bigger the benefits you will receive.

To help illustrate this, The Motley Fool put together a chart showing the average monthly Social Security benefit paid to retired workers aged 62 to 80. The average 62-year-old retired worker receives $1,424 per month in Social Security benefits, with the amount steadily increasing until age 70.

The average 70-year-old retired worker receives $2,275 per month, after which the average benefit amount slowly starts decreasing.  

Sadly, even at its highest level, retirees are only receiving about $27,000 a year. It’s easy to understand why they struggle so much.

The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.