The average person collecting a retired worker benefit from Social Security receives $1,905.31 a month, according to the 2024 Social Security Statistical Supplement. However, the average 69-year-old beneficiary gets $1,945.18 — about $40 more per month than the average retired worker.

This translates to $23,342 in annual inflation-protected retirement income for the typical 69-year-old.

Why is this higher than the overall average?

The main reason why the average 69-year-old gets more than the overall average retired worker has to do with the proportion of beneficiaries who claimed Social Security early. First, the overall average includes millions of people who have not yet reached full retirement age — meaning that there are a disproportionate number of beneficiaries who have reduced benefits for early retirement age compared to just 69-year-olds.

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Specifically, 63% of all retired workers have benefits that are reduced due to early retirement. On the other hand, only 51% of retired workers who are 69 years old have reduced benefits.

A secondary reason is because wage growth has made the benefits high earners get grow over time, even after adjusting for inflation. The amount of income that can be considered in the Social Security formula is based on wage growth, not inflation. So younger beneficiaries, on average, get higher initial benefits than in previous generations. For example, the average Social Security beneficiary in the 85-89 age group gets about $1,806 per month, and these older age groups weigh down the overall average. I recently wrote an article about what the average Social Security benefit was 40 years ago that illustrates this concept.

Just an average

As a final thought, keep in mind that this is just an average. Many 69-year-old Social Security recipients get significantly more, while others may get less. It all depends on when the retired worker claimed Social Security in the first place and how much they earned throughout their career.

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