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But Social Security benefits are designed to replace about 40% of a person's working income. Gen X, meanwhile, is also shaping up to hit retirement without enough saved for their golden years.
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
Data source: Social Security Administration. Average benefits are as of December 2023. Apart from age 68, which has an average benefit slightly higher than the average benefit for age 69, we see ...
For example, if you were born in 1960 or later and file for Social Security as soon as you’re eligible at age 62, your monthly benefit would see a 30 percent haircut. That would lower a $1,000 ...
The average Social Security benefits at ages 62, 67, and 70. Ages 62, 67, and 70 are key milestones in Social Security. Age 62 is the earliest you can claim benefits, 67 is most people's full ...
If Social Security benefits were reduced by 3% to 5% for new retirees, about 18% to 30% percent of the funding gap would be eliminated. [citation needed] Average in more working years. Social Security benefits are now based on an average of a worker's 35 highest paid annual salaries with zeros averaged in if there are fewer than 35 years of ...
Data source: Social Security Administration. Chart by author. Despite earning comparable salaries throughout their careers, the 70-year-old person can receive a monthly benefit 80% higher than ...
There aren't many social programs in the U.S. that have had as much of a positive impact as Social Security retirement benefits. Since 1961, the earliest anyone can claim Social Security ...