Reported 2 days ago
As of last year, the average monthly Social Security benefit for a 65-year-old is approximately $1,611, which adjusts to about $1,651 this year due to cost-of-living increases. Although many retirees may rely on this payment, it isn’t enough to live on alone. Working longer can increase benefits, as waiting until full retirement age (usually 67) can yield about $200 more monthly, while delaying until 70 can increase benefits by 25%. Additionally, only the highest 35 earning years are counted in benefit calculations, emphasizing the importance of maximizing earnings late in one's career.
Source: YAHOO