Social Security pays benefits that are on average equal to about 40 percent of what you earned before retirement. In the past, everyone started drawing on Social Security at age 62, and at that age they received full benefits. The age for full retirement has been increased, and may be increased even further. The key is to choose when to start drawing your benefits. You may be able to estimate your benefit by using the retirement estimator on the Social Security Administration’s Website. Remember, Social Security is only one source of retirement income; the other two are normally your employer’s retirement plans and your personal savings.
November 30, 2015