Average Social Security benefit for retirees at age 62 is $1,298 per month

The average Social Security benefit for retirees at age 62 is $1,298 per month. Men receive an average of $1,440, while women receive $1,167. These figures reflect the importance of Social Security for many retirees. As of November, the overall average monthly benefit increased to $1,925, or about $23,000 annually. Benefits rise for each year benefits are delayed, up to age 70, when the maximum benefit is reached. Cost-of-living adjustments are typically made nearly every year. While waiting until age 70 is often recommended, some individuals may need to claim benefits earlier due to financial or health reasons.