We all love to benchmark ourselves against others and knowing the average Social Security payment by age helps us make sense of the world around us. This video will give you the average payment across a whole spectrum of ages and talks about the source and methodology of this information.
Knowing the average Social Security payment by age has another important function: it allows you to understand where others are landing so that you can get land there too - or at least know what makes up their payment versus what makes up yours (for reference there are three primary drivers to the size of your Social Security payment and they are each discussed in this video).
This video also explains why knowing the 'average number' isn't the most important factor when looking at how much you receive.
For reference, please find below the complete schedule of Social Security payments by age, according to the June 2020 Social Security Administration report. To estimate calendar 2021 numbers add 1.3% (the cost of living adjustment for 2021) to the amounts below:
62 $1,130
63 $1,161
64 $1,229
65 $1,321
66 $1,489
67 $1,504
68 $1,522
69 $1,522
70 $1,612
71 $1,627
72 $1,615
73 $1,618
74 $1,592
75 $1,576
76 $1,568
77 $1,574
78 $1,570
79 $1,563
80 $1,536
81 $1,515
82 $1,494
83 $1,459
84 $1,426
85 $1,415
86 $1,415
87 $1,431
88 $1,435
89 $1,430
90 $1,430
91 $1,435
92 $1,444
93 $1,442
94 $1,435
95 $1,435
96 $1,415
97 $1,409
98 $1,399
99+ $1,422
Important Links:
Federal Reserve Board Survey of Consumer Finances:
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Social Security Administration Application for Benefits
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Current Social Security Cost of Living Adjustment
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Social Security Payment Estimator
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
Average Social Security Payment by Age
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