Social Security and the Rule of Averages
Many folks like to compare themselves to others and especially to others in their peer group, and when it comes to claiming Social Security benefits and the general topic of financial planning for retirement, that becomes an even more interesting subject. For example, someone setting a goal of having savings in the million-dollar range typically wants to compare that goal to averages for their age group. Likewise, for those who know they’ve not saved enough for retirement, the amount of Social Security benefit they’ll receive compared to the average is of interest. It’s simply human nature to want to assess one’s station in life to others.
So, to answer those questions, you need statistics. Forbes contributor Andrew Rosen can help you out there. Check out his post on forbes.com for some comparative stats that can help you check yourself against the averages. You can access it here.