The 6 Most Common Reasons for Claiming Social Security Early

The 6 Most Common Reasons for Claiming Social Security Early

According to the Social Security Administration's latest update in August, more than 61 million people were receiving a Social Security check each month -- and 68.4% of these folks were retired workers. Out of these 42.1 million retirees, over 60% will rely on their monthly check to account for at least half of their income. That's how important Social Security is to the financial well-being of our nation's retired labor force.

Of course, Social Security isn't exactly making the average retiree rich. The average payment to retired workers as of August 2017 was $1,371 a month, or just $16,454 a year. That's not much higher than the poverty rate, yet it's a much-needed source of income that ensures most retired workers can make ends meet during their golden years.

Image source: Getty Images.

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Source: Fool.com