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Some tidbits below from a new Motley Fool article… With changing rules (file & suspend) and all the different strategies for when to start taking benefits, advising the ever-growing throngs hitting their early- to mid-60s about how to best maximize their benefits figures to remain a ripe market for years to come.
• Nearly 60 million Americans get benefits from Social Security, and the Social Security Administration pays out more than $73.5 billion in benefits every month to retirees, disabled workers, and their families. Out of that amount, more than 43 million Social Security recipients get retirement benefits, and with the government making about $55.7 billion in monthly payments, that amounts to an average of $1,295 per month for every person getting Social Security benefits on a retired worker's work record.
• The average retired worker received $1,340 in the most recently reported month, according to the SSA.
• The typical spouse receives just $689 in monthly spousal benefits, with about 2.34 million spouses claiming benefits.
• More than half of retirees take Social Security benefits right at age 62, when they first become eligible, according to an SSA study conducted in 2014. Only about 20% waited at least until full retirement age of 66, with only a small portion of those waiting beyond 66.
• Someone with a $1,000 benefit at full retirement age gets only $750 by claiming at age 62, but can get as much as $1,320 by waiting until age 70.
What the Average American Gets in Social Security Benefits -- The Motley Fool
• Nearly 60 million Americans get benefits from Social Security, and the Social Security Administration pays out more than $73.5 billion in benefits every month to retirees, disabled workers, and their families. Out of that amount, more than 43 million Social Security recipients get retirement benefits, and with the government making about $55.7 billion in monthly payments, that amounts to an average of $1,295 per month for every person getting Social Security benefits on a retired worker's work record.
• The average retired worker received $1,340 in the most recently reported month, according to the SSA.
• The typical spouse receives just $689 in monthly spousal benefits, with about 2.34 million spouses claiming benefits.
• More than half of retirees take Social Security benefits right at age 62, when they first become eligible, according to an SSA study conducted in 2014. Only about 20% waited at least until full retirement age of 66, with only a small portion of those waiting beyond 66.
• Someone with a $1,000 benefit at full retirement age gets only $750 by claiming at age 62, but can get as much as $1,320 by waiting until age 70.
What the Average American Gets in Social Security Benefits -- The Motley Fool