The Social Safety Administration, or SSA, publishes an annual doc referred to as the Social Safety Statistical Complement. This incorporates a lot of details about the Social Safety program (it is over 500 pages lengthy), however one notably helpful factor it does is present a breakdown of Social Safety advantages by age.
In line with the most recent version, from 2024, the common 67-year-old retired employee receives a month-to-month fee of $1,884, which works out to about $22,600 per yr.
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Why does the common 67-year-old get a decrease profit?
This can be a bit lower than the general common of $1,905 monthly, and the primary cause is that as a bunch, the roughly 2.9 million 67-year-old retired employees contains individuals who waited till full retirement age to begin amassing advantages and individuals who determined to say Social Safety early. However in contrast to the general common, it would not embrace individuals who selected to attend years after reaching full retirement age to begin amassing advantages.
In reality, of the two.9 million retired employees amassing Social Safety who’re 67 years previous, practically 1.6 million of them have decreased advantages for early retirement. A fast calculation exhibits that the 67-year-old retired employees who did not declare Social Safety early obtain a median month-to-month advantage of $2,145, considerably greater than the general common.
One factor to remember is that every one of those figures from the Social Safety Statistical Complement had been earlier than the 2025 cost-of-living adjustment (COLA) added 2.5% to all advantages. So the common 67-year-old in 2025 is more likely to obtain about:
- $1,931 monthly (total common).
- $1,708 monthly if claiming Social Safety early.
- $2,199 monthly if not claiming Social Safety early.
These are simply averages, and lots of retirees get considerably roughly than these figures, relying on their claiming age, how a lot they earned all through their profession, and different components.
