So you're 66 – born in 1959, a year when the U.S. military was involved in the Vietnam War and when Ford Motor Company produced its millionth Mustang car. At 66, you're old enough to be collecting Social Security benefits, though you may not have started yet.
Image source: Getty Images.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More »
You (and others) may be wondering how much retirees aged 66 (and other ages) are collecting from Social Security. Here are the average monthly benefits for those of different ages as of the end of last year:
Age |
Average benefit, all |
Average benefit, men |
Average benefit, women |
|---|---|---|---|
62 |
$1,342 |
$1,486 |
$1,207 |
65 |
$1,611 |
$1,785 |
$1,453 |
66 |
$1,740 |
$1,936 |
$1,553 |
67 |
$1,930 |
$2,143 |
$1,719 |
70 |
$2,148 |
$2,390 |
$1,909 |
72 |
$2,117 |
$2,343 |
$1,894 |
75 |
$2,065 |
$2,278 |
$1,857 |
80 |
$2,006 |
$2,206 |
$1,816 |
85 |
$1,944 |
$2,120 |
$1,788 |
Source: Social Security Administration.
We can turn on the Social Security spigot as early as age 62. Doing so means you'll get smaller checks but more of them. (Delaying collecting can sometimes make your benefits bigger.) However, there are many considerations when deciding when to start collecting Social Security. (One report has suggested that for 57% of retirees, the best strategy is to delay claiming benefits until age 70.)
You can get a good estimate of how much you can expect from Social Security by setting up a my Social Security account at the Social Security Administration (SSA) website. Do so, and you'll be able to see the latest estimates of your future benefits based on the SSA's records of your earnings.
There are ways to increase your Social Security benefits beyond delaying claiming them. Earning more is one such strategy.
Take some time to learn more about Social Security because it's likely to be vital to you in the future, if not now, and some are looking to change it. Per one report, 91% of retirees depend on Social Security.
The $22,924 Social Security bonus most retirees completely overlook
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.
View the "Social Security secrets" »
Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
/Tesla%20Inc%20tesla%20by-%20Iv-olga%20via%20Shutterstock(1).jpg)
/Stickers%20with%20AMD%20Radeon%20and%20Nvidia%20GeForce%20RTX%20graphics%20on%20new%20laptop%20computer%20by%20Piotr%20Swat%20via%20Shutterstock.jpg)
