If you’re like many Americans, your Social Security benefit will form the foundation of your retirement income plan. After all, you’ve been paying into Social Security since the first moment you entered the workforce and it’s about time to cash in on all your hard work, but how much can you count on it? Delaying filing for Social Security can potentially increase your benefit amount by a rate of eight percent per year. In 2016, the average monthly benefit for retired workers is $1,355, while the maximum benefit is $2,639. Source.
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