This Is the Average Social Security Benefit for Age 62

There aren't many social programs in the U.S. that have had as much of a positive impact as Social Security retirement benefits. For most recipients, it's a well-earned benefit after years of paying Social Security payroll taxes.Since 1961, the earliest anyone can claim Social Security retirement benefits is age 62. The downside, however, is that claiming at that age permanently reduces your monthly benefit based on how far away you are from your full retirement age (FRA).The amount of your monthly Social Security benefit depends heavily on your lifetime earnings, but knowing the average benefit at certain ages can help you better plan your retirement finances. As of the end of 2024, the average monthly retired worker benefit for a 62-year-old is $1,298 (rounded to the nearest dollar).Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool