Checks from Social Security may be quite different from one retiree to another. First of all, you should know that to claim Social Security retirement benefits you must be at least 62 years old. While some workers decide to retire as early as possible, others prefer to carry on working to save more money. In this way, they can get a larger check and make their nest egg a more reliable one.
Many people regret having retired so early because they have run out of money faster than they thought they would. Many seniors forget to work out the extra amount they may need to be able to cope with inflation. The skyrocketing prices and the lack of saving habits can ruin your retirement finances. Keep in mind that the longer you work, the higher your check will be. Now people live much longer, so working three more years will make a big difference to your income.
What is the average Social Security check for 70-year-olds?
According to Social Security, the average check for people who are 70 years old is about $1,768.94. Unfortunately, this amount has not been updated since last December 2021. Consequently, the amount of the check might be higher on average due to the Cost of Living Adjustment in 2022. The maximum amount a retiree at 70 could earn from their retirement check could be as much as 4,555 dollars in 2023. Very few get it though.
On the other hand, those who have opted for early retirement could not benefit from that high check. Instead, they could get up to 2,572 dollars. If you decide to retire at Full Retirement Age, the check will be a maximum of $3,627. That is why it is important to delay retirement if you have not saved enough and you are fit to work.
How can I work out the Social Security retirement benefit I would get?
Early planning is the best thing you can do. Start saving early, make as many contributions to your 401(k) savings account as possible, and invest wisely. This will definitely make a difference to your future finances and lifestyle. Putting it off will only make things worse. To figure out what you will be able to get from your Social Security check, make use of the benefits calculator.
This helpful tool can provide you with essential information to see your future retirement check amount. Gather all the information you have regarding your past earnings. Then type your birthdate, this year’s earnings, and the date you would like to apply for retirement checks. the information given is rough but you can get a clear idea of what it will be like. An inflated dollar estimate is also possible.