Here's the Average Social Security Benefit at Age 64
Many of today's working Americans are likely taking Social Security for granted. Every year, America's top retirement program pulls more than 21 million people out of poverty, including close to 15.4 million adults aged 65 and older. Without Social Security, the elderly poverty rate would be almost four times higher than it is today.
Furthermore, two decades' worth of annual surveys from national pollster Gallup have found that between 80% and 90% of retirees in any given year rely on their Social Security income to cover at least some portion of their expenses.
In other words, Social Security is vital to the financial well-being of our current and future retired workers. This means it's imperative for future generations of retirees to get the most they can out of America's leading retirement program. But in order to do so, retirees first need to understand how their benefit is calculated, as well as how their claiming age can dramatically affect what they'll receive each month.
Source Fool.com
