Are You Beating the Average Social Security Retired Worker Benefit for Your Age Group?
According to the latest Social Security Administration statistical snapshot, the average retired worker collects a monthly benefit of $1,839, which works out to just over $22,000 per year.
If you're curious, the maximum possible Social Security benefit in 2023 is $3,627 at full retirement age, or $4,555 per month for those who wait until age 70 to start collecting. So, the average beneficiary gets roughly half of the maximum possible full retirement age benefit.
However, you might be surprised to know that the average retired worker benefit from Social Security varies considerably among different age groups of retirees. Here's a breakdown of the average Social Security benefit by age, so you can see how you compare.
Source Fool.com
