Legal Terms

retirement benefits

Under the Social Security system, an amount of money available to those who reach age 62 -- equivalent to a small percentage of worklife earnings. For a single person first claiming retirement benefits in 1997, the average monthly benefit was about $750; $1,250 for a couple. A single person with a high earnings record claiming retirement benefits in 1997 at age 65 would receive about $1,250 per month; $1,800 for a couple. These benefits increase yearly with the cost of living -- and the amount is higher the longer a person waits to claim the benefit, up to age 70.