A table that displays the average monthly payments for retirees aged 62 to 99 and older is updated annually by the Office of the Actuary of the Social Security Administration (SSA). The average monthly checks that were distributed in December 2024 are used as the basis for the table, which will be duplicated this year (this year).
When analyzing these figures, it is essential to keep in mind that they are derived from the age at which they will have reached December 2024. This does not necessarily imply the age at when they submitted their application (with the exception of those who are 62 years old). As an illustration, a retired recipient who is 66 years old could have initially collected their pension between the ages of 62 and 66.
The table of Social Security benefits that is based on the retiree’s age
In 2024, the Center on Budget and Policy Priorities discovered that nearly 22 million people were favored by the social program, including 16.3 million seniors over the age of 65. This is due to the fact that the social program is responsible for pulling more people out of poverty. In addition, it is a program that retirees strongly rely on in order to stay afloat financially.
Retirement benefits are distributed in the following manner, taking into account the retiree’s age, which can range from 62 to 99 years old or older:
- 62 – $1,341.61
- 63 – $1,364.48
- 64 – $1,425.42
- 65 – $1,611.00
- 66 – $1,763.99
- 67 – $1,929.73
- 68 – $1,979.87
- 69 – $2,039.72
- 70 – $2,148.12
- 71 – $2,114.43
- 72 – $2,117.23
- 73 – $2,087.94
- 74 – $2,054.16
- 75 – $2,064.53
- 76 – $2,076.39
- 77 – $2,046.16
- 78 – $2,060.78
- 79 – $2,012.59
- 80 – $2,006.20
- 81 – $2,004.45
- 82 – $2,007.04
- 83 – $2,006.39
- 84 – $1,983.59
- 85 – $1,944.05
- 86 – $1,924.82
- 87 – $1,893.13
- 88 – $1,838.39
- 89 – $1,813.00
- 90 – $1,809.24
- 91 – $1,814.93
- 92 – $1,838.03
- 93 – $1,825.54
- 94 – $1,815.61
- 95 – $1,814.95
- 96 – $1,821.27
- 97 – $1,822.09
- 98 – $1,798.73
- 99+ – $1,775.88
A breakdown of the components that go into determining your monthly benefit as a retired worker
In spite of the fact that Social Security is not always the most straightforward government program to comprehend, the four factors that the Social Security Administration (SSA) takes into consideration when determining your social security income as a retired worker are basic. The following are listed in no particular order:
- The history of earnings
- The history of employment
- Complete age of retirement
- The age claim
There is a strong connection between your income and your previous employment history. Adjusted for inflation, the Social Security Administration will take into consideration your 35 years of peak earnings when determining the amount of your monthly payment as a retiree. In the event that you have earned an above-average salary throughout your whole life (with the exception of investment income), it is quite probable that you will also receive an above-average Social Security check when you reached retirement age.
