"Understanding Average Social Security Benefits Across Ages and Time"
The average Social Security retirement benefit at age 65 is $1,504.98, with men receiving an average of $1,670.99 and women receiving $1,355.81 due to earnings discrepancies. The benefit is calculated based on a person's average indexed monthly earnings and primary insurance amount, with adjustments for full retirement age and early collection. Waiting until age 67 or 70 to collect retirement benefits can result in higher monthly payments, making it a financially advantageous decision.