Here's the Average Social Security Benefit for Retirees at Age 70
The Retirement Confidence Survey (RCS), conducted annually by the Employee Benefit Research Institute, assesses how confident workers and retirees are in their ability to live comfortably in retirement. The 2023 RCS showed the biggest drop in confidence since the Great Recession, and the primary culprit was financial hardship caused by inflation.
A bigger Social Security benefit can lessen financial hardships in retirement, and one way to score a bigger benefit is to delay Social Security. Workers are entitled to retirement benefits at age 62, but the payout increases for each month they delay, up to age 70.
Read on to see the average Social Security benefit for retirees at age 70 and to learn exactly how claiming age impacts Social Security payouts.
Source Fool.com