What is the average social security check per month

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The information on this site does not modify any insurance policy terms in any way. You'll also note that the average retirement benefit flattens out considerably from about age 83 onward.

This has to do with women having a longer average life span than men. Because women are more likely to stay home to raise children or care for sick family members, their lifetime earning potential is reduced. By age 83, women retirees account for a larger percentage of total recipients. For the tens of millions of working Americans viewing these average benefit figures with disappointment, know there are a few simple things you can do to increase your eventual monthly payout.

First, waiting is typically a smart choice. While holding off on taking the benefit isn't going to be the optimal choice for everyone, a United Income study from June found it to be the best choice for a surprisingly large percentage of seniors.

Second, it's never a bad idea to consider working a bit longer. By the time you reach your 60s, you might've gained an abundance of knowledge and work skills that'll result in a higher wage or salary. This higher payout can be used to replace a lower-earning, inflation-adjusted year from your teens or 20s, pumping up your Social Security benefit. Officially known as the "Request for Withdrawal of Application," this mulligan allows retired workers who regret their early claiming decision to request that it be undone.

Keep in mind that SSA is only an option within the first 12 months of receiving benefits. Discounted offers are only available to new members. Stock Advisor will renew at the then current list price. Share using email. Keep in mind Social Security sets a cap on how much of your income it takes into account in figuring your benefit. Updated June 8, When should I file to get the maximum Social Security benefit?

Will my Social Security benefit decrease if the Medicare premium increases? Family Caregiving. Leaving AARP.

Got it! Please don't show me this again for 90 days. Cancel Continue. Social Security income depends on a lot of things, so you could be in store for a much bigger or smaller payday when you retire. To determine how much money you'll receive in benefits, Social Security's formula considers the length of your work history, the amount of money subject to payroll taxes you earned over your career, and when you first decide to collect benefits.

It does this by applying its average wage index to your income history and then calculating the average monthly income based on your 35 highest-earning years. They include zeros for any of your 35 years without income. The resulting figure is your primary insurance amount , or PIA. Third, Social Security only pays your PIA if you retire at full retirement age , which ranges from age 66 to age Retire earlier than that, such as when you're first eligible at age 62, and you'll receive less than your PIA.

Retire after full retirement age, and you'll receive a bigger benefit, thanks to delayed retirement credits more on that in one minute. The variability in how much money people receive in Social Security benefits might surprise you.

The difference is likely because Social Security's formula penalizes people with fewer than 35 years of work history, and many women take time away from their careers to raise children, putting them at a disadvantage in attaining a year work history. Wage inequality likely plays a role, too, because benefits are based on average incomes. The variability in Social Security income, regardless of gender, is substantial, as well.