Here's the Average Social Security Benefit at Ages 62, 66, and 70
Whether you realize it or not, Social Security is an essential source of income for most retirees. It's responsible for pulling roughly 21.7 million people out of poverty each year, including almost 15.4 million adults aged 65 and above. If America's top retirement program didn't exist, the senior poverty rate would be an estimated 38%, as compared to 10% with Social Security (as of March 2022), according to the Center on Budget and Policy Priorities.
Given how critical this program is and will be to respective current and future retirees, it's important to maximize what you'll receive. But in order to do so, you'll first need to have a solid understanding of how your benefit is calculated, as well as how your claiming age can drastically impact this calculation.
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Source Fool.com
