This Is the Average Social Security Benefit for Age 75

For 51 million retired Americans, Social Security provides a crucial safety net, distributing $1.5 trillion in benefits. They are a vital source of income for many, with 1 in 7 retirees relying on them for nearly all of their income. Let's take a closer look at some things you should know.Your primary insurance amount (PIA) is based on the average of your 35 highest-earning years of work. If you worked fewer than 35 years, each year without work counts as zero, which lowers your average and subsequently your benefits.When you choose to retire is a critical choice as it can greatly impact your benefits. You receive your full PIA only if you retire at your full retirement age (FRA). The FRA is 65 for those born before 1937; it's 66 for those born between 1943 and 1954; and it's 67 for those born after 1960. If you were born between 1954 and 1960, it is somewhere between 66 and 67. You can see a full chart here. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool