This Is the Average Social Security Benefit for Age 62

Social Security benefits were never meant to make up the entirety of your retirement income. For plenty of people, however, it's certainly a nice little bump. The average monthly payment currently stands at $2,071, according to the Social Security Administration. That's an average of a wide range of inputs, though. Most beneficiaries are banking measurably less, or considerably more, up to a maximum of $5,181 per month.And this raises an important question: What determines the size of your eventual monthly benefit? The amount of taxable income you earn while working is one factor. The number of years you work is another. Perhaps the most underappreciated factor in the ultimate figure, however, is the age at which you claim your Social Security retirement benefits.And that raises another important question: How much are people getting when they file for benefits at the earliest possible age of 62?Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool