Understanding Social Security Benefits for Retirees at 69
The average retirement benefit for a 69-year-old worker is $1,945.18 per month from Social Security. This figure represents the average earnings of approximately 2.9 million retirees currently receiving their benefits. It’s essential to note that this average includes retirees who began collecting benefits early, at full retirement age, or delayed their claims until after reaching full retirement age.
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The Benefits of Delaying Social Security Claims
Delaying the collection of Social Security can significantly improve your financial situation during retirement. This is especially important since Social Security provides a rare source of income that adjusts with inflation. For instance, a 69-year-old who has earned delayed retirement credits receives an average of $2,576 per month, which is over $600 more than their peers who claim earlier. This average includes retirees who began their benefits after reaching full retirement age.
Your benefit amount and the effects of waiting can differ from these averages. The primary insurance amount (PIA) relates directly to your earnings throughout your career, adjusted for inflation. If you choose to wait beyond your full retirement age, your benefits can increase by 8% for each additional year you delay, with a maximum increase of 24% if you wait until age 70.
The best way to find out your estimated benefit at age 69 is to log into your account at www.ssa.gov. There, you can view your Social Security statement, which provides personalized estimates based on your actual work history.
Uncovering Hidden Retirement Benefits
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View the “Social Security secrets” »
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