The Social Security Administration (SSA) has released data showing that the average Social Security benefit for a 67-year-old retired worker in 2024 is $1,883.50 per month. This amounts to roughly $22,600 per year in inflation-protected retirement income. Interestingly, this figure is slightly lower than the overall average benefit paid to all retired workers, which stands at $1,905.31 per month.
The reason for this discrepancy is that the average benefit at age 67 includes individuals who started collecting Social Security early or immediately upon reaching full retirement age. Age 67 is considered the full Social Security retirement age for those born in 1960 or later. Over the past decade, the full retirement age has ranged between 66 and 67.
The average benefit for 67-year-olds does not include those who significantly delayed their retirement benefits beyond full retirement age.
Average benefit for 67-year-olds
Out of the 50.1 million retired workers receiving Social Security, approximately 12% waited until after their full retirement age to start collecting benefits.
In contrast, only 6% of 67-year-olds have any delayed retirement credit, and even among those who do, it is usually not possible to have started Social Security more than a few months before full retirement age. It is crucial to remember that this figure represents an average, and individual benefits can vary greatly. Some 67-year-olds receive more than double the average benefit, while others receive significantly less, depending on their specific circumstances.
Social Security benefits have come a long way since the first payment was made to Ida M. Fuller in 1940 for $22.54. Initially, any increase in benefits required Congressional approval, and there were periods when no such increase was passed.
Today, Social Security is a vital program that provides financial support to millions of Americans in their retirement years.
