Here's the Average Social Security Benefit at Age 66
For most Americans, Social Security plays a key role in fortifying their financial foundation during retirement. More than two decades of annual surveys from Gallup have shown that between 80% and 90% of then-current retirees count on their guaranteed monthly benefit to cover at least some portion of their expenses.
A separate study from the Center on Budget and Policy Priorities found that, as of 2022, Social Security payouts were responsible for pulling approximately 22.7 million people above the federal poverty line, including 16.5 million 65 or older.
Put bluntly, it's important to get as much as you can out of America's top retirement program. But to do so, you first need to understand the nuts and bolts of how your benefit is calculated, as well as get a firm grasp on just how much your claiming age can swing the payout pendulum.
Source Fool.com
