Reported about 2 months ago
As individuals approach retirement, choosing when to claim Social Security benefits is crucial, especially since claiming at 62 can reduce monthly benefits by up to 30%. The average monthly Social Security benefit for those claiming at age 62 is $1,275, with men receiving about $1,421 and women about $1,141, largely due to differences in lifetime earnings. The calculation of benefits is based on the highest 35 years of earnings, adjusting for inflation, before determining the primary insurance amount.
Source: YAHOO