In 1967, the Beatles released the song “When I’m 64”, asking the question, “Will you still need me, will you still feed me, when I’m 64?”
While that’s a fun question, another important one to ask as you approach that age is, “What will my Social Security benefits be when I’m 64?” Here’s a breakdown of what you can expect, along with average benefits at other ages, too.
Average Monthly Social Security Benefits by Age
As of the end of last year, the Social Security Administration provided the following average monthly benefits for different age groups:
| Age | Average Benefit (All) | Average Benefit (Men) | Average Benefit (Women) |
|---|---|---|---|
| 62 | $1,342 | $1,486 | $1,207 |
| 64 | $1,425 | $1,574 | $1,289 |
| 65 | $1,611 | $1,785 | $1,453 |
| 67 | $1,930 | $2,143 | $1,719 |
| 70 | $2,148 | $2,390 | $1,909 |
| 75 | $2,065 | $2,278 | $1,857 |
| 80 | $2,006 | $2,206 | $1,816 |
| 85 | $1,944 | $2,120 | $1,788 |
What Do These Numbers Mean?
You might notice that these amounts aren’t very high when compared to current salaries. For example, if you’re earning $72,000 a year (or $6,000 a month) and paying an overall tax rate of 24%, your net income is $4,560 per month — significantly more than the Social Security benefits listed above.
However, keep in mind:
- These are averages, meaning if you had above-average earnings during your working life, you’ll likely receive above-average benefits.
- Social Security benefits max out at $5,108 per month, but this is an amount few people will qualify for.
- It’s wise to create a “my Social Security” account with the Social Security Administration (SSA) to see estimates of your future benefits based on your earnings history.
- You can increase your benefits by delaying the start of your Social Security claims.
- Social Security shouldn’t be your only source of retirement income. Aim to build multiple streams of income, including savings accounts, stocks, pensions, annuities, and real estate.
Maximize Your Social Security Benefits
Even though Social Security isn’t meant to be your only source of income in retirement, it’s still important to get the most out of it. By setting up a Social Security account, planning ahead, and diversifying your retirement savings, you can better prepare for a comfortable future.
A $23,760 Social Security Bonus Most Retirees Miss
Many retirees overlook some lesser-known Social Security secrets that could significantly boost their retirement income. One of these secrets could result in a $23,760 bonus over your retirement years.
By planning ahead and learning how to maximize your Social Security benefits, you can increase your retirement income and avoid financial stress in your later years.
