Is It Better to Collect Social Security at 62, 66, or 70? A Comprehensive Study of Retired-Worker Claims Provides a Clear Answer.

In September, more than 68 million Americans took home a Social Security benefit, including almost 51.5 million retired workers. Even though the average retired-worker check is a modest $1,921.56, this income has proven vital to the financial well-being of retirees.Based on an analysis from the Center on Budget and Policy Priorities, the poverty rate for adults age 65 and over was 10.2% in 2022. If Social Security didn't exist, the poverty rate for seniors would climb to an estimated 38.7%.What's more, national pollster Gallup has been surveying retirees annually since 2002 to gauge their reliance on Social Security income. According to the responses, between 80% and 90% (including 88% in 2024) lean on their payout, in some capacity, to cover their expenses.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool