Key Points
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Social Security benefits for 63-year-olds are not massive.
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But your benefits get bigger if you delay when you claim them.
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Benefits may shrink, too, if Congress doesn’t strengthen Social Security.
So you’re 63 — born around 1962, the year that Johnny Carson debuted as The Tonight Show host and Bob Dylan wrote “Blowin’ in the Wind.” You may be happy to know that you’re now eligible to start collecting Social Security benefits that are due to you — though you can make those benefit checks bigger by delaying when you claim them. (For most people, it seems best to delay claiming Social Security until age 70, if possible.)
You may be wondering how much to expect from Social Security. You’ll get the best answer, based on your earnings, by setting up a my Social Security account at the Social Security Administration (SSA) website. But until you do so, know that as of July, the average monthly Social Security retirement benefit was $2,007, amounting to roughly $24,000 annually.
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Here are average monthly Social Security benefits for those who are 63 or other ages, as of the end of last year:
|
Age |
Average Benefit, All |
Average Benefit, Men |
Average Benefit, Women |
|---|---|---|---|
|
62 |
$1,342 |
$1,486 |
$1,207 |
|
63 |
$1,364 |
$1,505 |
$1,233 |
|
65 |
$1,611 |
$1,785 |
$1,453 |
|
67 |
$1,930 |
$2,143 |
$1,719 |
|
70 |
$2,148 |
$2,390 |
$1,909 |
|
75 |
$2,065 |
$2,278 |
$1,857 |
|
80 |
$2,006 |
$2,206 |
$1,816 |
|
85 |
$1,944 |
$2,120 |
$1,788 |
Source: Social Security Administration.
It’s an unfortunate fact that women tend to receive less in benefits. That’s because they’ve often earned less than men and they’ve often been out of the workforce for a while, too, caring for others.
Fortunately, there are ways for most of us to increase our Social Security benefits, beyond delaying claiming them. Earning more is one such strategy — because the greater your earnings, the bigger your benefits. Consider asking for a raise or even taking on a side gig for a while.
It’s smart to keep up with Social Security, too, because some changes are afoot, and if this vital program isn’t strengthened, future benefits might shrink.
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