But Do They Know the Average Social Security Benefit Amount?
How much can you expect to receive? Your check will depend on a number of factors, including your age when you start claiming them. The earlier you claim, the lower your check.
According to the AARP calculator, a person born on Jan. 1, 1959, with an average annual income of $50,000 would receive around $1,264 if they file at 62, $1,785 at full retirement age, and $2,237 at 70.
In 2021, the estimated average Social Security retirement benefit is $1,543 a month.
While you’re still saving for retirement, keep these numbers in mind to give you a better idea of when you should retire. If you have enough to last you the rest of your life comfortably, there’s no reason for you to wait until you’re 70. But if you still need to save, those extra hundreds of dollars could come in handy, so waiting a while may be most beneficial to you.
