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Average Benefits at Ages 62, 66, and 70

The Social Security Administration (SSA) publishes anonymized beneficiary data throughout the year. Trevor Jennewine published the SSA’s chart showing data from a recently updated biannual report (Dec 2023) with the average Social Security benefit for retired men and women aged 62 to 70. It shows the average retired-worker benefit for both sexes combined. Benefits for retired worker are determined based on work history, lifetime income, and claiming age. The average Social Security benefit for men is higher than the average benefit for women at all ages between 62 and 70 due to differences in work history and lifetime income. The average Social Security benefit for men and women is smallest at age 62 and largest at age 70 due to differences in claiming age. Full discussion on this in his article here.

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