Average Social Security Check at Age 65
The importance of social security can't be understated, especially for our senior citizens. To gauge how benefits have shifted over the years, we've analyzed the average social security check amounts at age 65 based on the latest SSA data.
This data was last updated by the Social Security Administration in June, 2023.
Introduction
If you're reading this as a 65-year-old, you're probably wondering how much you'll receive in social security benefits when you retire.
Or maybe you have retired but have not yet started receiving benefits. In that case you want to know how much you'll receive when you do start taking your social security check.
Before we dive into the averages, it's worth explaining how the SSA calculates your benefits. The amount you receive is based on your earnings history and the age at which you decide to start taking benefits, among other factors.
How Social Security Benefits Are Calculated
Average Indexed Monthly Earnings (AIME)
The Social Security Administration (SSA) starts by taking a look at your entire work history. They'll adjust (or "index") your past earnings for inflation, making earlier years' earnings comparable to the later ones. Once indexed, they'll pick the 35 highest-earning years and compute an average monthly figure. This gives us the AIME.
Primary Insurance Amount (PIA)
Using your AIME, the SSA applies a formula to determine your base monthly benefit. This formula involves three different percentages of portions of your AIME, which are commonly referred to as "bend points". The bend points change yearly, but here's a basic idea:
- A percentage (e.g., 90%) of the first portion of your AIME
- A lower percentage (e.g., 32%) of the next portion
- And an even lower percentage (e.g., 15%) of the final portion
The sum of these is your PIA if you retire at your full retirement age.
Adjustment for Age
The age at which you decide to start taking benefits impacts the amount. If you start before your full retirement age (which varies based on your birth year), your benefits are reduced. On the other side, though, you'll get a credit that increases your monthly benefits if you delay past your full retirement age.
Other Adjustments
Several other factors can further adjust the benefit:
- Cost-of-Living Adjustments (COLA): Typically, benefits increase slightly each year based on the cost of living.
- Earnings: If you're working while receiving benefits, and you're under your full retirement age, your benefits might be temporarily reduced based on how much you earn.
- Taxes: Depending on your combined income, a portion of your Social Security benefits may be taxable.
Remember, the actual amount anyone receives can vary due to these and other factors.
Average Social Security Check Amounts at Age 65
Now that we've explained exactly how this is calculated we can look at the average social security check amount for individuals at age 65 so you can get an estimate of how much you'll receive.
The average social security check amount for individuals at age 65 is $1,524.76.
This is accurate as of June, 2023 when the SSA last updated their data.
It was calculated by looking at the social security check amounts for 1,422,865 people that were receiving benefits at the age of 65 in 2023.
The data for this is released every year, and so we can also look at how this has changed over the last 11 years to see if the average social security check amount has increased or decreased.
Average Check Amounts by Year
Year | Total Average Amount | Change from Last Year | Percentage Change |
---|---|---|---|
2023 | $1,524.76 | +$19.78 | 1.31% |
2022 | $1,504.98 | +$115.47 | 8.31% |
2021 | $1,389.51 | +$54.83 | 4.11% |
2020 | $1,334.68 | +$42.90 | 3.32% |
2019 | $1,291.78 | +$60.35 | 4.9% |
2018 | $1,231.43 | +$25.64 | 2.13% |
2017 | $1,205.79 | +$33.51 | 2.86% |
2016 | $1,172.28 | +$19.96 | 1.73% |
2015 | $1,152.32 | -$17.41 | -1.49% |
2014 | $1,169.73 | -$4.18 | -0.36% |
2013 | $1,173.91 | - | - |
Gender Differences for 65-Year-Olds
We also have data about the average social security check for male 65-year-olds and female 65-year-olds.
This can be useful to see what kind of gender differences there are in the average social security check amount and whether that gap is increasing or decreasing over time.
2023
In 2023 the total number of men aged 65 was 675,685, with an average check amount of $1,691.71.
For women, the number was 747,180, with an average check amount of $1,373.79.
This means that women received 18.79% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,691.71 | 1,373.79 | 18.79% |
2022
In 2022 the total number of men aged 65 was 657,394, with an average check amount of $1,670.99.
For women, the number was 731,613, with an average check amount of $1,355.81.
This means that women received 18.86% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,670.99 | 1,355.81 | 18.86% |
2021
In 2021 the total number of men aged 65 was 645,253, with an average check amount of $1,546.26.
For women, the number was 720,431, with an average check amount of $1,249.12.
This means that women received 19.22% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,546.26 | 1,249.12 | 19.22% |
2020
In 2020 the total number of men aged 65 was 649,954, with an average check amount of $1,488.75.
For women, the number was 723,524, with an average check amount of $1,196.28.
This means that women received 19.65% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,488.75 | 1,196.28 | 19.65% |
2019
In 2019 the total number of men aged 65 was 656,480, with an average check amount of $1,441.37.
For women, the number was 732,112, with an average check amount of $1,157.64.
This means that women received 19.68% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,441.37 | 1,157.64 | 19.68% |
2018
In 2018 the total number of men aged 65 was 650,450, with an average check amount of $1,374.76.
For women, the number was 720,290, with an average check amount of $1,102.01.
This means that women received 19.84% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,374.76 | 1,102.01 | 19.84% |
2017
In 2017 the total number of men aged 65 was 668,187, with an average check amount of $1,348.70.
For women, the number was 736,833, with an average check amount of $1,076.19.
This means that women received 20.21% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,348.70 | 1,076.19 | 20.21% |
2016
In 2016 the total number of men aged 65 was 675,910, with an average check amount of $1,313.04.
For women, the number was 742,694, with an average check amount of $1,044.18.
This means that women received 20.48% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,313.04 | 1,044.18 | 20.48% |
2015
In 2015 the total number of men aged 65 was 675,242, with an average check amount of $1,291.12.
For women, the number was 737,517, with an average check amount of $1,025.25.
This means that women received 20.59% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,291.12 | 1,025.25 | 20.59% |
2014
In 2014 the total number of men aged 65 was 708,664, with an average check amount of $1,316.56.
For women, the number was 762,259, with an average check amount of $1,033.21.
This means that women received 21.52% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,316.56 | 1,033.21 | 21.52% |
2013
In 2013 the total number of men aged 65 was 738,188, with an average check amount of $1,328.30.
For women, the number was 778,678, with an average check amount of $1,027.55.
This means that women received 22.64% less in their average social security check than men.
Male | Female | Gender Gap |
---|---|---|
1,328.30 | 1,027.55 | 22.64% |
Conclusion
Hopefully this article has helped you to understand how social security benefits are calculated for 65-year-olds and how much you can expect to receive in your social security check.
Make sure that you contact the SSA directly to get an accurate estimate of your benefits, as there are many factors that can affect the amount you receive.
They also have a number of online calculators that you can use to get an estimate.
Reference SSA Locator
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"Average Social Security Check at Age 65". SSA Locator. Accessed on October 4, 2024. https://ssalocator.com/blog/average-social-security-check-at-age-65/.
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"Average Social Security Check at Age 65". SSA Locator, https://ssalocator.com/blog/average-social-security-check-at-age-65/. Accessed 4 October, 2024
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Average Social Security Check at Age 65. SSA Locator. Retrieved from https://ssalocator.com/blog/average-social-security-check-at-age-65/.