This Is the Average Social Security Benefit at Age 67

How much retirement income are retirees actually receiving from Social Security? Since everyone contributes a different amount of money to the program during their working years, each person's payment varies. For the record, however, the Social Security Administration reports this year's average monthly benefit is $2,071.Still, that's an average made up of a range of numbers that vary widely based on age. So how much is the typical, say, 67-year-old getting? Keep reading.Three inputs ultimately determine the size of your eventual Social Security benefit. One of them is, of course, the amount of FICA-taxable income you earn in your working years; more income means bigger benefits. Another is the number of years you earned taxable wages. You aren't required to work this many, but the program gives you credit for your 35 highest inflation-adjusted earnings years on record.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool