Here's the Average Social Security Benefit at Ages 62 and 70
Every month, the Social Security Administration (SSA) sends out more than 50 million checks to retired workers. For many of these retirees, their monthly payout is a necessity to cover at least a portion of their expenses.
The same will likely hold true for future generations of retirees. More than two decades of annual surveys from national pollster Gallup have shown that between 76% and 88% of then-current workers anticipate leaning on their Social Security income to some degree during retirement to make ends meet.
For the tens of millions of Americans currently in the labor force who'll qualify for a Social Security retirement benefit, getting the most out of the program is essential. But in order to do so, you'll need to understand how your retired-worker benefit is calculated, and how your claiming age can meaningfully affect what you'll receive on a monthly and/or lifetime basis.
Source Fool.com
