The average Social Security check at age 70 can vary widely based on several factors, including your earnings history, when you started claiming benefits, and whether you delayed taking Social Security until age 70. However, if you wait until age 70 to start receiving benefits, you will receive the maximum benefit possible, which is higher than if you had started taking benefits earlier.
Key Points:
- Delaying Benefits: Social Security benefits increase by about 8% for each year you delay taking them beyond your full retirement age (which is between 66 and 67, depending on your birth year) until age 70. This means that those who wait until age 70 to start receiving benefits can receive significantly higher payments.
- Average Benefit Amount: As of 2024, the average Social Security benefit for all retired workers is approximately $1,800 per month. However, those who delay benefits until age 70 tend to receive more than this average.
- Maximum Benefit at Age 70: For someone who has earned a high income throughout their career and has delayed claiming benefits until age 70, the maximum Social Security benefit can be around $4,555 per month in 2024.
Example:
- High Earners: If you were a high earner throughout your working life and you wait until age 70 to claim Social Security, you could receive close to the maximum benefit, which is over $4,500 per month.
- Average Earners: If your earnings were closer to the national average, you might receive something in the range of $2,200 to $3,000 per month at age 70.
Factors Affecting Your Benefit:
- Earnings History: Social Security benefits are calculated based on your 35 highest-earning years. The more you earned (up to the annual Social Security wage base limit), the higher your benefit will be.
- Cost-of-Living Adjustments (COLA): Social Security benefits are adjusted for inflation through annual cost-of-living adjustments. This means that the amount you receive at age 70 could be higher than the amount initially calculated when you reached full retirement age, due to these adjustments.
- Spousal Benefits: If you are eligible for spousal benefits, this could also affect the amount you receive. Spouses can receive up to 50% of their partner’s full retirement benefit if they claim at their own full retirement age or later.
Conclusion:
The average Social Security check at age 70 for those who delayed benefits is generally higher than the overall average, potentially ranging from $2,200 to $4,500 per month, depending on your earnings history. Delaying benefits until age 70 can significantly increase your monthly payments, making it an appealing option for those who can afford to wait.