Decoding Social Security: Maximizing Benefits for Every Age Group
The Social Security Administration provides data on average monthly retirement benefits for different age groups. To beat the averages, individuals can resist collecting benefits before their full retirement age, delay receiving benefits beyond their full retirement age to boost benefits by 8% per year, earn more money during their working years, and work longer to accumulate more eligible years. However, if already receiving benefits below the average for their age, there is little that can be done to change the situation.