Here's the Average Social Security Benefit at Ages 62, 67, and 70
For a majority of retirees, Social Security provides an indispensable source of income. A recent update from the Center on Budget and Policy Priorities found that the guaranteed monthly payouts provided by America's top retirement program pull 22.7 million people above the federal poverty line each year, 16.5 million of which are aged 65 and over.
Furthermore, 22 years of annual surveys by national pollster Gallup have shown that 80% to 90% of retirees consistently rely on their monthly Social Security benefit to cover some portion of their expenses.
Long story short, getting the most possible out of Social Security during retirement is going to be imperative for most future retirees. But in order to maximize what you'll receive, you'll first need to understand the basics of how Social Security benefits are calculated, as well as get a firm grasp on how much claiming age can alter average monthly payouts.
Source Fool.com
