From Nasdaq, Inc.:

Social Security is a critical source of income for retirees, pulling 21.7 million people out of poverty, including 15.4 million older adults. It’s crucial to maximize your benefits, so understanding how it’s calculated and the impact of your claiming age is important. Work history, earnings history, full retirement age, and claiming age are the key factors in calculating your monthly benefit, with potential increases of up to 8% per year you wait to claim. The average Social Security benefit at ages 62, 66, and 70 varies, but a study found 57% of claimants would have maximized lifetime income by waiting until age 70 to claim.



Read more: Here’s the Average Social Security Benefit at Ages 62, 66, and 70