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In 2022, the Social Security Administration is currently sending out over 50 million checks each month to retired workers. Many workers today anticipate relying on social security income during retirement to make ends meet. Social Security benefits are calculated using four factors: work history and earnings history, full retirement age, claiming age, and average life expectancy. Benefit amounts can be permanently reduced by 30% or increased by 32%, depending on claiming age, with age 62 and 70 being likely options. Some future retirees may feel pressure to claim benefits early due to potential long-term cash shortfall, while others may be motivated to wait to maximize their monthly payout as life expectancy continues to increase. Numbers show that average benefits are $1,274.87 at age 62 and $1,963.48 at age 70, with research suggesting that waiting until a later age to claim benefits may be the optimal financial decision for many beneficiaries.

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