This is the average social security benefit for 65 year olds

According to the most recent Social Security Statistical Supplement, which is based on December 2022 benefits, the average Social Security benefit for a retired worker age 65 is $1,504.98 per month, or about $18,060 per year.

It’s worth noting that there is a 3.2% cost of living adjustment (COLA) given starting with the December 2023 benefits. So the current average for a 65-year-old will likely be about $1,553 per month after accounting for that increase.

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A few things to keep in mind

First, this is the average Social Security benefit for a retired worker at age 65. It is not the average for people who get started Social Security at age 65, including people who started at age 62. In other words, the average person who files for Social Security at exactly age 65 will likely receive significantly more than this average.

In the same vein, everyone who received Social Security at age 65 began collecting it before reaching full retirement age. For Americans born in 1960 or later, the full retirement age for Social Security purposes is 67.

Sixty-five is a popular age to retire and begin collecting Social Security because it is the age at which workers are eligible for Medicare. That means it is the first time that most workers do not have to worry about how they will maintain their health insurance after retirement.

After all, this is the average benefit for retirees employees who are 65 years of age. There are other types of Social Security benefits, such as those for spouses of retired workers (spouse benefits), survivors of retired workers (survivors benefits), and children of some retired workers, to name a few.

Curious about the average Social Security benefit by type of recipient? Here are the most recent data from June 2024:

• Retired: $1,918.28 per month
• Spouses of retired employees: $910.95 per month
• Children of retired employees: $893.09 per month
• Non-disabled widows/widowers of retired employees: $1,784.09 per month

Keep in mind that these are just averages. Check out our overview of how Social Security works to see how you may be able to get more than the average.