Here's the Average Social Security Benefit for Retirees at Age 62
As of Sept. 2023, nearly 50 million retired workers receive a monthly Social Security check, and most consider these benefits an indispensable source of income. Indeed, the program keeps over 15 million seniors out of poverty, making it the most successful anti-poverty program in U.S. history. But individual payouts vary widely and it's important to understand why.
Read on to see the average retired-worker benefit at age 62, how it compares to the average payout at other ages, and how claiming age impacts the Social Security benefits formula.
The Social Security Administration publishes a detailed breakdown of current benefit payments twice each year. The latest report indicates the average Social Security benefit for 62-year-old retired workers was $1,277 per month in June 2023. But that figure means very little without additional context.
Source Fool.com
