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As the Social Security program's full retirement age gradually increased from 65 in 2000 to 67 in 2022, its "replacement rate" decreased. The typical Social Security retirement payout in February 2023 was $1,782, or roughly $21,384 per year.
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A beneficiary is someone who receives Social Security or Supplemental Security Income (SSI) benefits. Social Security and SSI are two separate schemes.
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In 2023, the full retirement age Social Security benefit is $3,627. At age 70, it is $4,555 per month, and at age 62, it is $2,572.
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