According to USA Today, the average Social Security benefit at age 62 is $1,342. This equates to $16,104 per year.
This number can vary slightly depending on the earnings of the beneficiary throughout their life. The key factor here is that claiming at 62, the earliest age at which one is eligible, will result in a lower benefit amount.
Even though you could raise your payment by waiting, this isn’t ideal for everyone. Some people have health issues or lack a stable job, meaning that claiming earlier makes sense for their lifestyle.
In addition, some wealthy individuals who have pensions or savings will claim as early as possible. For these individuals, who don’t need Social Security to make ends meet, their goal is to invest the money and grow it.
Whether you depend on Social Security or not, we believe all seniors are entitled to their benefits adjusted for inflation. Sign our petition, and you can ensure higher, stable benefits for everyone no matter when they choose to claim.
