This Is the Average Social Security Benefit for Age 72

How much Social Security is being collected by retirees these days? The program's administrators say this year's average monthly payment for retired workers stands at $1,976.Over a full year, that average adds up to $23,712. While substantial, it's far from being enough for most retirees to live on exclusively. The U.S. Census Bureau reports the average retiree's household currently spends about $65,000 per year on ordinary living expenses like food, clothing, and shelter, or roughly $5,400 per month. While most of these households include more than one adult collecting some form of income, clearly Social Security isn't covering everything.The overall average figure, however, is also a bit misleading. Most older retirees (70+) are enjoying measurably bigger benefit payments. The typical 72-year-old is cashing monthly checks of $2,786, for instance.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool