The Social Security program has been a vital financial support for retired workers for over eight decades. It is crucial for 90% of current retirees. However, the amount of benefits varies significantly. Let’s explore the factors affecting Social Security retirement benefits, the average monthly income for retirees aged 62 to 99+, and methods to increase payouts. Factors like work history, earnings, full retirement age, and claiming age play significant roles. Taxation of benefits by 12 states and the federal government also affects the final payout.
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Summary
Article Name
Social Security Retirement Benefits: Average by Age
Description
The Social Security program has been a vital financial support for retired workers for over eight decades.
Author
Susan Jane
Publisher Name
The Motley fool
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