The Social Security Administration announced the following rates to explain what percent of your Social Security benefits you will receive based on how old you are when you start receiving Social Security benefits. Age Percent of Benefit 62 75 63 80 64 86.7 65 93.3 66 100 Assume Shelley Kate decides to take her Social Security at age 63. What amount of Social Security benefit will she receive each month, assuming she is entitled to $880 per month?
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
The Social Security Administration announced the following rates to explain what percent of your Social Security benefits you will receive based on how old you are when you start receiving Social Security benefits.
| Age | Percent of Benefit |
| 62 | 75 |
| 63 | 80 |
| 64 | 86.7 |
| 65 | 93.3 |
| 66 | 100 |
Assume Shelley Kate decides to take her Social Security at age 63. What amount of Social Security benefit will she receive each month, assuming she is entitled to $880 per month?
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