The Impact of Claiming Social Security Benefits at 65 on Retirement Planning
Saturday, 9 March 2024, 14:30
The Cost of Claiming Too Early
The average monthly Social Security payment at age 65 is $1,505 in 2024. Claiming benefits before reaching your full retirement age may reduce this amount. Delaying benefits can result in higher monthly payments.
Plan Beyond Social Security
It's important to save and invest wisely to supplement your Social Security income. Saving 15% of your income and achieving growth through smart investments can ensure financial security in retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.