"Understanding the Average Social Security Retired-Worker Benefit Across Age Groups"
Originally Published 1 year ago — by The Motley Fool
The average Social Security retirement benefit varies significantly by age, with claiming age being a key factor. Retirees can start receiving benefits as early as age 62, but waiting until age 70 can increase monthly payouts by up to 32%. Women tend to receive lower benefits due to historical disparities in pay and time spent in the labor force. Research suggests that waiting until age 70 to claim benefits can maximize lifetime income, and there's a do-over clause for those who regret claiming early, allowing benefits to continue growing.