The Social Security Administration (SSA) confirms that the average retirement benefit payment at 62 is $1,311.44 on average as of June 2024. The average amount is slightly higher if you are a man, $1,453.66, and slightly lower if you are a woman, $1,178.41.
At the age of 63, the average Social Security payment in retirement is worth about $1,344.04. Men’s average payment at 63 is about $1,484.93 and women’s about $1,213.18. Retirees aged 64 get about 1,436.19 on average. Men get approximately $1,588.78 and women about $1,295.17.
What is the average Social Security payment from age 65 to age 70?
If you are 65 years old, your average payment will be about $1,583.32. It is $1,756.15 for men and $1,426.17 for women according to Social Security’s data at the end of June 2024.
As you can see, payments are higher if you are older. Remember that the earlier you file for retirement benefits, the bigger the reduction you get from Social Security. Average Social Security payments are this high at the ages of:
- 66: $1,774.06
- 67: $1,893.59
- 68: $1,947.36
- 69: $1,971.60
- 70: $2,067.92
Seniors aged 70 who delay retirement and file at this age get a 24% reward from the Social Security Administration. It is a great way to get additional money in retirement if you can delay applying for retirement benefits.
Average Social Security payments after the age of 70
From this age onward, average payments tend to go down. Therefore, this could be the group of seniors who could be most affected by the loss of buying power due to inflation and soaring prices.
- 71: $2,056.80
- 72: $2,043.72
- 73: $2,011.22
- 74: $2,002.33
- 75: $2,013.32
- 76: $1,998.18
- 77: $2,003.54
- 78: $1,972.35
- 79: $1,954.13
- 80: $1,945.51
- 85: $1,880.58
- 90: $1,759.50
- 95: $1,770.36
- 99 & older: $1,723.75
Do not forget that the 2025 COLA increase has made these payments about $40-50 dollars higher. For example, if your payment is worth $1,000, you will get $1,025 after COLA. Those who receive $2,000 from the Administration will get $50 extra per month thanks to the Cost-of-Living Adjustment.
If you are on Social Security and your retirement benefit payment is too low, you may qualify for Supplemental Security Income. SSI payments can give you about $575 on average if you are 65 or older.
