How Much the Average Upper Class Retiree Receives in Social Security Benefits at Age 84
Written by
Jake Safane
Edited by
Zuri Anderson
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Social Security plays an important role for many seniors, with around two-thirds relying on these benefits for over half of their income, per The Senior Citizens League.
Yet 80% of retirees are worried that governmental changes will reduce their Social Security benefits, according to a survey by the Employee Benefit Research Institute (EBRI) and Greenwald Research.
Even if you’re in the upper class, Social Security benefits tend to be relatively modest. On average, retired workers in the 90th percentile of monthly Social Security benefits receive $3,050 versus $1,937 at the median, according to 2024 data.
That might be enough for some, especially if your partner also receives a large Social Security check, but it depends on your circumstances.
“The answer would depend on the cost of living. It might be enough if you are living in the right place,” said John Adams, a certified personal accountant (CPA) and owner of Bridgewater Tax and Financial Consulting.
If you want a more luxurious retirement lifestyle, though, particularly in a high-cost area of the U.S., you might need significant additional sources of retirement income besides Social Security.
Still, benefits vary by factors such as the age you started claiming benefits and your specific income during your working years. Here, we’ll take a closer look at what Social Security benefits might be for an upper-class retiree at age 84.
Calculating Average Upper Class Social Security Benefits at Age 84
Comparing different datasets from the Social Security Administration on average retired worker benefits by age, as well benefit distribution at the 90th percentile, helps provide an approximate amount for the average upper-class Social Security benefits at age 84.
First, consider how 80 to 89-year-olds in the 90th percentile of Social Security benefits receive $2,849 per month versus a median benefit of $1,939 for this age group. So, those in their 80s who are in the 90th percentile of benefits for their age group receive about 46.9% more than the median.
Granted, these averages also include some other types of Social Security benefits, like spousal benefits. Yet these numbers seem to mainly reflect retirement benefits, since the figures are close to the averages for retired workers in general.
From there, looking at separate SSA data on average retired worker benefit for each year of age reveals that an 84-year-old gets about $1,984 per month. Assuming those in the 90th percentile similarly receive 46.9% more, like the difference for those 80 to 89, that means an upper-class 84-year-old receives approximately $2,914 per month in Social Security Benefits. However, the average may be a bit higher in the coming years, given cost-of-living adjustments and the fact that younger workers (eventually turning age 84) generally have earned more.
Making the Most of Your Social Security Benefits
Whether you fall into the high end of those receiving Social Security benefits at age 84, or you’re working with a more modest amount, it’s still important to plan how to best use this and other retirement money.
For example, if you plan to primarily rely on Social Security and would have trouble making ends meet with that, consider moving.
“One of the ways people are making their cost of living affordable is looking abroad,” said Adams.
And wherever you decide to live, make sure you understand what retirement income you have coming in versus your expenses so you can try to minimize financial stress from overspending.
“Most people should be creating a budget to understand how far their money can go. If a person does not have budgeting skills, they should work with a financial professional to help them,” added Adams.
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