Data source: Social Security Administration.
With a better understanding of how your unique variables can affect your Social Security benefit, let's dig into the meat-and-potatoes of what you want to know: How much do you get a month for Social Security?
Based on the SSA's monthly snapshot, the average benefit for the 51 million retired workers in May was $1,916.63, which works out to $23,000 on an annualized basis.
But we can take things one step further and break down average annual retired-worker checks by age.
Every year, the SSA's Office of the Actuary publishes the average monthly Social Security benefit from ages 62 through 99-plus. Just keep in mind that the following table is based on the age of each recipient in December 2023 and may have nothing to do with the age at which they claimed benefits. For example, a retired worker receiving benefits at age 66 may have begun collecting their payout anywhere from ages 62 through 66.
Age | Average Retirement Benefit | Age | Average Retirement Benefit |
---|---|---|---|
62 | $1,298.26 | 81 | $1,943.00 |
63 | $1,338.65 | 82 | $1,942.41 |
64 | $1,459.73 | 83 | $1,920.50 |
65 | $1,563.06 | 84 | $1,882.72 |
66 | $1,739.92 | 85 | $1,864.04 |
67 | $1,883.50 | 86 | $1,833.70 |
68 | $1,948.37 | 87 | $1,779.58 |
69 | $1,945.18 | 88 | $1,755.44 |
70 | $2,037.54 | 89 | $1,752.01 |
71 | $2,050.67 | 90 | $1,757.84 |
72 | $2,023.00 | 91 | $1,781.97 |
73 | $1,990.43 | 92 | $1,769.78 |
74 | $2,000.45 | 93 | $1,763.11 |
75 | $2,012.14 | 94 | $1,762.84 |
76 | $1,982.36 | 95 | $1,769.85 |
77 | $1,996.49 | 96 | $1,773.24 |
78 | $1,949.44 | 97 | $1,753.36 |
79 | $1,942.45 | 98 | $1,761.40 |
80 | $1,940.24 | 99 and over | $1,715.05 |
Data source: Social Security Administration Office of the Actuary, as of December 2023. Table by author.
This table demonstrates the importance of patience if you want to meaningfully increase your monthly Social Security benefit. Whereas the earliest filers took home less than $1,300 in December 2023, recipients age 70 received a benefit that was, on average, 57% higher .
Depending on their birth year, claimants age 70 can expect their monthly Social Security payout to be between 24% and 32% higher than they would have received at full retirement age. Meanwhile, age 62 recipients are looking at a permanent monthly reduction ranging from 25% to 30%, depending on the year they're born.
You might also note that monthly benefits tend to taper off and flatten out after age 83. This dynamic has to do with women, on average, living longer than men .
This late-age decline in average Social Security checks is the result of more women than men staying at home to raise their children and thus missing out on earned income in the labor force. According to an analysis from Pew Research Center, between 4% and 9% of fathers were stay-at-home parents between 1989 and 2021. By comparison, 23% to 29% of mothers over the same timeline were stay-at-home parents.
While Social Security was never designed to make retirees rich, there are a few strategies that future retirees can use to beef up their eventual payout.
The first is, very simply, to exercise patience. As I pointed out earlier, for every year a retired worker waits to collect their payout, beginning at age 62 and continuing until age 70, their monthly check can grow by as much as 8%. Waiting a few years can meaningfully boost what you'll receive monthly from Social Security.
To add to this point, an extensive study from online financial planning company United Income, which extrapolated the claiming decisions of 20,000 retired workers, found that age 70 would have maximized lifetime benefits for 57% of claimants .
A second smart move future retirees can consider is leaning on SSA-521 , officially known as "Request for Withdrawal of Application." SSA-521 would allow those whose financial situations have changed or who regret their early filing decision to undo their claim. If approved by the SSA, your payout would, once again, begin accruing at up to 8% annually until you collect your benefit.
However, this Social Security do-over clause has some limitations . For one, you'll need to pay back every cent you and your family have received from Social Security based on your earnings history. Additionally, this request can only be made up to 12 months after filing for your initial claim.
The third way to maximize your lifetime income from Social Security is to be mindful of the unique variables that matter to you . While it'd be great if there were a perfect blueprint that would tell us precisely when to collect benefits, this isn't possible without knowing our "departure date" ahead of time.
To maximize what you'll receive from America's top retirement program, you'll need to fully understand your financial needs, how taxation and marital status can impact your decision, and wrap your hands around how your personal health could affect your ability to collect a Social Security check long term. These unique variables might make an earlier or middle-ground claim a smarter decision for you with regard to maximizing lifetime Social Security income.
The Motley Fool has a disclosure policy .
Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.
South Carolina Senate Finance Chairman Harvey Peeler, R-Gaffney, left, House Ways and Means Chairman Bruce Bannister, R-Greenville, center, and Senate Finance Committee staffer Quentin Hawkins, right, talk after a conference committee reached a budget deal, Friday, June 21, 2024, in Columbia, S.C. (AP Photo/Jeffrey Collins)
South Carolina Senate Finance Chairman Harvey Peeler, R-Gaffney, left, and House Ways and Means Chairman Bruce Bannister, R-Greenville, right, talk to reporters after a conference committee reached a budget deal, Friday, June 21, 2024, in Columbia, S.C. (AP Photo/Jeffrey Collins)
State Rep. Phillip Lowe, R-Florence, left, state Sen. Nikki Setzler, D-West Columbia, center, and state Rep. Leon Stavrinakis, D- Charleston, right, talk before a conference committee reached a budget deal, Friday, June 21, 2024, in Columbia, S.C. (AP Photo/Jeffrey Collins)
South Carolina House Ways and Means Chairman Bruce Bannister, R-Greenville, left, and Senate Finance Chairman Harvey Peeler, R-Gaffney, right, vote as the conference committee reached a budget deal, Friday, June 21, 2024, in Columbia, S.C. (AP Photo/Jeffrey Collins)
COLUMBIA, S.C. (AP) — A budget compromise reached by a small group of lawmakers Friday means South Carolina will accelerate a planned income tax cut , raise the salaries of all teachers and state employees and send more money to adult and juvenile prisons.
A conference committee agreed to the more than $13 billion spending plan for next budget year, sending it on to the House and Senate to approve at a special session Wednesday.
And as always, there are social issues that weren’t taken up in the regular session that will be included as one-year special items in the budget.
Lawmakers want to ban public school students from using cellphones during class time, require students to use the bathrooms and locker rooms of the sex assigned at birth and require libraries to provide detailed plans on how they will keep inappropriate material out of the hands of children or lose state funding. The details will be up to state agencies to figure out.
“I think this is a budget we can all be proud of,” said Democratic state Sen. Nikki Setzler of West Columbia, who worked on his last budget as he retires from the Senate after 48 years.
Tax cuts took center stage in the spending portion of the budget for fiscal year 2024-2025.
Instead of a House-suggested one-time $500 million in a property-tax rebate, the Senate plan chooses to spend $100 million to knock the income tax rate most people pay in the state from 6.4% to 6.2% The state is in the middle of a five-year effort to cut its top income tax rate from 7% to 6%, and this cuts the time to four years.
The $500 million comes from an account meant to provide property tax relief. Sales tax goes into the fund, and a boom in spending during and after the COVID-19 pandemic has left the account flush with cash. The budget calls for spending the remaining money on bridges and roads as well as sewer and water projects.
A one-year property tax cut appeared to be hard to implement and might anger homeowners when their bill went back up, Republican House Ways and Means Chairman Bruce Bannister said Friday.
The House and Senate split the difference in how much of a raise to give state employees. Workers making under $50,000 a year will get a $1,125 yearly increase while those making more than that will get a 2.25% raise. The Senate had proposed a higher raise.
The budget puts $200 million toward raising teacher pay . Every teacher would get a raise, and the minimum salary for a starting teacher would be increased to $47,000 a year — a nearly 70% increase from a decade ago. The budget also would allow teachers to get a yearly raise for each of their first 28 years instead of their first 23.
The budget proposal includes $175 million to finish work on the new school for veterinary medicine at Clemson University and $100 million for a new medical school at the University of South Carolina.
Lawmakers want to spend $29 million to upgrade the state’s Department of Juvenile Justice prisons and $28 million on technologies to make cellphones inoperable for inmates who have the contraband technology behind bars.
The new budget year starts July 1, leaving a tight timetable to get the spending plan passed through the General Assembly and the up to five days the governor gets to review it and issue vetoes.
The lawmakers on the conference committee said the weeks of negotiations are needed to go over the budget thoroughly and make sure people with different perspectives and ideas are all heard.
“If you go in there ‘it’s my way or the highway’ you may have to hit the highway for a while,” Republican Senate Finance Committee Chairman Harvey Peeler said.
IMAGES
VIDEO
COMMENTS
9. Find Focus Groups. You can search for paid research studies through FindFocusGroups.com, a centralized aggregator for focus group opportunities. Both regional and online focus groups are available. Compensation for most focus groups begins at $100 for a one-hour local session. 10. Focus Group by Schlesinger.
Paid research studies typically offer $50 to $100 per hour in compensation, with both online and in-person opportunities available. ... Many studies are related to social media use. This firm is notorious for taking a long time to pay, and they've been dinged by many users for not paying at all. They only have 2.5 stars on Yelp (based on 32 ...
Most of the projects focus on small business or technology and pay anywhere from $50 to $85 via PayPal for 45 minutes to an hour of your time. 4. FocusGroup.com. FocusGroup.com began in 1988 and offers surveys as well as in-person and online focus groups via phone and webcam.
It involves a quick introductory zoom session with a member of our research team, an hour-long initial survey, 2 weeks of short 5-minute surveys, and three 25-minute follow-up surveys that come 2, 4, and 6 months later. You and your partner can earn up to $120 each for participating ($240 per couple).
You do not have to be affiliated with Stanford University to participate in Psychology research. The majority of our paid studies take place on the Stanford campus, but we also offer opportunities to take part in our experiments online. We appreciate your participation, which is vital to the continued success of our department. Out of ...
Participate in Research. The Behavioral Lab (BeLab) studies human behavior and decision-making by inviting participants to participate in paid online or in-person studies and contribute to cutting-edge research. Login or Request an account through Sona, our participant management system, to participate in paid behavioral research studies.
A clinical trial is held to gather data on the potential of a novel treatment to address a specific illness. A clinical trial often focuses on people with a certain chronic condition or genetic risk factors. A clinical study with compensation focuses on paying individual for participating in their trials. This helps study teams to more quickly ...
7. Purdue University. You can find a lot of paid online studies here. Currently, they have studies on Parkinson's disease (and other neurodegenerative diseases), flavored water, biosensors, mushroom nutrition, linguistics, cancer, and so on. Participants are paid somewhere between $10 and $500.
Find paid research studies across surveys, interviews, focus groups and get paid to share your insights with researchers worldwide. Join a community of 3M+ research participants in making money by participating in online research projects. Each month, Respondent pays thousands of participants and is a reliable source of side income, regardless ...
Many studies require one visit ranging from 30 minutes to 2 hours, and some may be of longer duration or require multiple visits. Payment generally ranges from $10/hr to $20/hr. In addition to monetary compensation, some studies offer food and/or free merchandise. Each study has its own specific eligibility requirements, but ALL paid studies ...
To find out what studies you can sign up to, all you need to do is create a participant account in SONA, our research recruitment system. On the SONA System you will be able to: Sign up for experiments with just a click. Choose the time slot that works best for you. Access the system 24/7 and while on the go through the SONA mobile app.
8 February 2018. The UCL Division of Psychology and Language Sciences operates an online subject pool in order to recruit participants to take part in paid research. Participants can browse the range of experiments posted by researchers from the diverse areas of the Division, and sign up for a suitable timeslot upon finding a study of interest.
ResearchMatch helps you find a clinical trial or research study near you, or across the country, by matching you with researchers from leading medical research institutions. Whether you are a healthy volunteer or have a health condition, ResearchMatch connects you to research opportunities so you can make a difference and advance scientific discoveries by participating in research studies ...
Most studies where you physically have to show up will offer at least a prize draw, but often maybe $5-10 an hour for your time. More involved studies will pay better. The more times you have to ...
At the time of writing there is an eye experiment (two and a half hours in total) offering £7.50 an hour and an EEG memory study that takes place over two-three days and pays £20 for each two hour session. So that gives you an idea of what's on offer.
Take part in paid research studies. Improve your digital & consumer experiences. Feed back on products and services and get paid for your opinions. Paid market research and usability testing - Website testing, game testing, app testing, focus groups, one to one interviews and more.
According to a comprehensive study that appeared in the journal Clinical Trials, the median compensation from paid clinical trials is about $3,000, with most people participating in about three ...
Pay for participants is determined by a number of factors, including the amount of time required, the number and length of in-person visits, the condition being studied and the burden placed upon the participant. Here are seven examples of the type of research you can get paid to participate in. 1. Bipolar I study
4. American Consumer Opinion. American Consumer Opinion is a paid research study site that has been around for over 20 years connecting businesses with consumers. Businesses and organizations rely on consumer feedback to improve their products and services, so your online surveys provide valuable info.
You will be paid in cash for participating. You are guaranteed to earn at least £5 for registering and completing the experiment. You will have the opportunity to earn much more money during the experiment. The extra amount you earn in the experiment depends on your choices, the choices of the other participants, and on chance.
A social experiment is a type of research performed in psychology to investigate how people respond in certain social situations. In many of these experiments, the experimenters will include confederates who are people who act like regular participants but who are actually acting the part. Such experiments are often used to gain insight into ...
In a series of experiments Brase, Fiddick and Harries found that, overall, participants who were compensated with pay outperformed those compensated with partial course credit on a cognitive task—a medical diagnosis problem.This effect was bolstered if the participants were from a top-tier compared to second-tier university and those participants who were from a top-tier university and ...
i just want to try out a social experiment in general, but i think it would a huge bonus if you got paid at the end of the social experiment. Locked post. New comments cannot be posted. Share Sort by: Best. Open comment sort options. Best. Top. New. Controversial. Old. Q&A.
For example, in 2024, if you want to receive the maximum Social Security amount when you retire, you'll need to make at least $168,800 annually, an $8,400 increase from last year.. The maximum ...
In fact, 98 out of 100 children in this country could get Social Security if a working parent dies. In some cases, the child's surviving parent is eligible for benefits as well. The death of a parent can have negative financial, health, and educational effects on children, according to research by David Weaver of the University of South ...
Social-media influencer is a highly sought-after job these days, especially among Gen Zers. The first step to becoming an influencer is posting consistently on apps like Instagram and TikTok ...
Using the SSA's example in its "How Work Affects Your Benefits" publication, if your monthly Social Security payment at 62 years is $600 ($7,200/year) and you intend to make $24,920 for the year, you will get payments withheld for the $2,600 you earn over the $22,320 limit.
For one, you'll need to pay back every cent you and your family have received from Social Security based on your earnings history. Additionally, this request can only be made up to 12 months after ...
In 2024, an average of almost 68 million Americans per month will receive some form of Social Security benefit, with around $1.5 trillion expected to be paid out this year, according to the SSA.
Tax cuts took center stage in the spending portion of the budget for fiscal year 2024-2025. Instead of a House-suggested one-time $500 million in a property-tax rebate, the Senate plan chooses to spend $100 million to knock the income tax rate most people pay in the state from 6.4% to 6.2% The state is in the middle of a five-year effort to cut its top income tax rate from 7% to 6%, and this ...