Key Points The earlier you claim Social Security, the smaller your monthly benefit will be.You must wait until 70 to apply if ...

On average, men save more for retirement than women. Across all age levels, Vanguard's data indicates that women have a median 401 (k) account balance of just over $11,099 less than men's.

Average retirement savings: mean vs median When there are wide variations in income and savings within a given group, as is the case in the U.S., it's essential to look at both kinds of averages ...

We see this happen slightly in the median 401 (k) balance column when going from the 55-to-64 age group ($95,642 median balance) to the 65+ age group ($95,425 median balance).

At age 70, that average is $2,148.12 per month. In other words, delaying benefits from age 62 to 70 results in an additional $806.51 per month for the average retiree.

Given all that, here's a look at the average monthly benefits for recipients of various ages. Data source: Social Security Administration. Here are some more things to know: You can start ...

Claiming Social Security at age 62 reduces your benefit by up to 30%. The average 62-year-old claimer got $1,341.61 per month as of December 2024, though the average is likely a little higher now.