Here's the Average Social Security Benefit at Age 65
Social Security is a program that most retirees couldn't live without. According to the Center on Budget and Policy Priorities, this leading program pulled 22.7 million people above the federal poverty line in 2022, including 16.5 million adults aged 65 and over. It's singlehandedly responsible for reducing the poverty rate for seniors from an estimated 38.7% without the program to just 10.2% with guaranteed monthly payouts.
Annual surveys from national pollster Gallup add relevance of just how critical Social Security income is to the financial foundations of retired workers. Over the previous 22 years, between 80% and 90% of then-retired workers have responded that their Social Security check is a "major" or "minor" source of income.
For future retirees, getting as much as you can out of Social Security will be imperative to your financial well-being. But in order to maximize what you'll receive from America's top retirement program, you first have to know the basics of how benefits are calculated, as well as gain an understanding of just how important your claiming age can be.
Source Fool.com
