Having said that, it’s important to point out one crucial detail. Specifically, the average mentioned encompasses retired worker beneficiaries who are currently 70 years old. This demographic includes individuals who initiated their Social Security benefits at the age of 62, as well as those who opted to wait until they reached 70 years old, with various scenarios in between.
For those unfamiliar with the statistics, it is noteworthy that the majority of Social Security recipients commenced receiving their benefits before attaining full retirement age. Out of the 50.1 million retired workers benefitting from Social Security, a staggering 31.6 million individuals are receiving reduced benefits due to early retirement decisions. Contrastingly, a mere 6 million people have benefited from any form of delayed retirement credit, indicating that they commenced receiving Social Security post their full retirement age, which typically ranges between 65 and 67, contingent on their birth year.
When considering solely the 70-year-olds who chose to delay collecting Social Security beyond the full retirement age, the average monthly benefit increases significantly to $2,924.68. This translates to an annual income of almost $35,100 in retirement funds, adjusted for inflation.
The $22,924 Social Security bonus that most retirees overlook entirely
If you find yourself among the majority of Americans who have fallen behind on their retirement savings, you are not alone. However, there exist several lesser-known “Social Security secrets” that could potentially elevate your retirement income. For instance, a simple strategy could yield up to an additional $22,924 annually for you. Once you grasp the methods to optimize your Social Security benefits, it is plausible to envision a retirement where you can be assured of financial stability.
