Here's the Average Social Security Benefit for Retirees at Ages 62, 66, and 70 | The Motley Fool

Contributing sentiments towards policy:

65% : Social Security benefits depend on several variables.
62% : That worker will receive $1,500 per month ($18,000 per year) in benefits if they claim Social Security at FRA, which is 67.
61% : When to claim Social Security is one of the most important financial decisions people make during their lives, because benefits are often the largest source of income in retirement.
59% : Americans should understand how claiming age affects benefits before filing for Social Security.
59% : The Social Security Administration (SSA) periodically publishes anonymized benefit data to improve public understanding and promote transparency.
59% : But all else being equal, retired workers receive their smallest possible benefit if they claim at age 62, and they receive their biggest possible benefit if they claim at age 70.Social Security benefits depend on lifetime earnings and claiming age.
58% : In other words, retired workers born in 1960 or later can increase their benefit by 77% (i.e., $1,860 divided by $1,050) by claiming Social Security at age 70 rather than at age 62.
57% : It also shows the benefit (as a portion of PIA) a retired worker would get by claiming Social Security at ages 62 and 70.
54% : It details the average Social Security benefit paid monthly to retired workers between ages 62 and 70.Data source: Social Security Administration.
53% : Yet, a recent survey from Schroders found that just 10% of non-retired Americans plan to delay Social Security until age 70, the age at which their benefit would be largest.
52% : Social Security is primarily funded by payroll taxes, so benefit payments will continue for as long as Americans have jobs.
52% : The most common reason for that decision was concern that Social Security will run out of money.
46% : However, as I just explained, that outcome is impossible because Social Security is mostly funded by taxes.

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