Reported 8 months ago
The average monthly Social Security benefit for individuals claiming at age 62 is $1,275, with variations based on gender due to average lifetime earnings. Claiming benefits before your full retirement age (FRA) reduces monthly payouts, with a 30% reduction for someone with an FRA of 67 claiming at 62. The 80% rule suggests aiming to generate 80% of your last working year's income annually in retirement, indicating that the average benefit may not cover living expenses for many retirees. It emphasizes the importance of having multiple sources of retirement income to ensure financial stability.
Source: YAHOO