4 Factoids and One Personal Opinion About Social Security

Short blog today!

Here are four fun facts about Social Security.

  • Average SS benefit in 2023 was $1,907 for people filing at Full Retirement Age
  • Highest SS benefit in 2024 for people filing at Full Retirement Age is $3,822
  • You lose a little over .5% per month of your full retirement age benefit for each month early you file. So, about 6%/year for each year between age 62 and full retirement age.
  • 60% of beneficiaries file for Social Security before Full Retirement Age.

And one opinion.

Stop worrying about the “Break Even Age” when deciding when to take Social Security.  The goal is not to beat the Social Security system with your (largely incorrect) assumptions about the day you will die.

The goal is to use Social Security in the best way for YOUR needs.  This incorporates YOUR savings, other incomes, housing situation, spending needs and so many other factors.

The best way to decide when to take Social Security is to work with a financial advisor to run the various numbers.

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Kristi Sullivan

My name is Kristi Sullivan and I have been helping people achieve financial security since 1996. I am a fee-only financial planner and public speaker. I do no investment or insurance sales for commissions. My clients pay me for guidance through their financial questions. I also work with employers to educate their employees about personal finance. I have been helping people make financial decisions for 18 years. I have worked in employee benefits and with individual clients/families. I hold the Certified Financial Planner designation. Sullivan Financial Planning, LLC is a Registered Investment Advisory firm with the State of Colorado. Areas of expertise include prioritizing savings goals, investment allocation, and wealth manager searches.