Reported 7 months ago
Social Security has been a crucial social program in the United States since 1940, providing essential monthly payments to around 53.5 million retiree recipients. The average monthly benefit for someone claiming at age 65 is $1,505, totaling $18,060 annually. It's important to know this figure for retirement planning. Social Security calculates benefits based on earnings history and retirement age, emphasizing the need for diverse retirement income sources such as IRAs to enhance financial security.
Source: YAHOO