"Social Security is only designed to replace about 40% of your working income, according to the Social Security Administration."
"Your full retirement age is 67. Starting retirement benefits before your full retirement age (as early as age 62) lowers this percentage, and starting benefits after your full retirement age (up to age 70) increases it."
"By claiming early, "you're passing up an 8% increase each year in your Social Security from your full retirement age all the way to 70.""
Social Security typically replaces about 40% of pre-retirement earnings, with eligibility beginning at 62 and full retirement age set at 67. Claiming benefits before full retirement age reduces monthly payments, while delaying benefits beyond 67 up to age 70 increases payments by roughly 8% per year. Average retired-worker benefits near $1,979 per month leave many retirees vulnerable to unexpected expenses. Financial advisors warn against relying heavily on government benefits and recommend building personal savings. Approximately two-thirds of Baby Boomers lack sufficient retirement savings and face a high risk of inadequate resources or financial strain.
Read at 24/7 Wall St.
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