Few things are more important to Americans' retirement than Social Security. Although Social Security will play a different role in people's retirement income, it's helpful to get a sense of average benefits to get a gist of what to possibly expect and begin putting together a broad financial plan.

The Social Security Administration's recent proposal to increase the retirement age could significantly impact millions of Americans. With the Senate's new bill suggesting a shift to 70 years, retirees and those nearing retirement face potential financial challenges.