Here's the Average Social Security Benefit at Age 62 -- and Why It's Not the Best News for Retirees

Social Security is a vital income source for many of its roughly 53.5 million recipients. For retirees who have spent years working and paying taxes into the program, it's a well-earned financial safety net.Regardless of when you plan to retire or the role Social Security will play in your retirement finances, having an idea of what monthly benefit to expect is essential for financial planning.According to the latest data from the Social Security Administration, the average monthly benefit for someone claiming at age 62 is $1,275. If you look at averages by gender, there's a disparity because of the difference in average lifetime earnings. The average benefit for men is $1,421, while it's $1,141 for women.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Zum vollständigen Artikel