Here's the Average Social Security Benefit for Retirees at Ages 62, 66, and 70
When to claim Social Security is one of the most important financial decisions people make during their lives, because benefits are often the largest source of income in retirement. Unfortunately, many Americans make the decision based on misinformation and without fully understanding the consequences.
For instance, the Social Security trust fund may be depleted in the next decade, which would lead to benefit cuts. But the Social Security program itself is not at risk of bankruptcy, nor are benefits at risk of being discontinued. Social Security is primarily funded by payroll taxes, so benefit payments will continue for as long as Americans have jobs.
Yet, a recent survey from Schroders found that just 10% of non-retired Americans plan to delay Social Security until age 70, the age at which their benefit would be largest. The most common reason for that decision was concern that Social Security will run out of money. However, as I just explained, that outcome is impossible because Social Security is mostly funded by taxes.
Source Fool.com
