How Does Your Social Security Benefit Compare With the Average?

Quick Read

• The average monthly Social Security retirement benefit is $2,015 and will rise to $2,071 after the 2026 cost-of-living adjustment of 2.8%.

• Delaying Social Security claims past full retirement age boosts monthly benefits by 8% per year until age 70.

• Benefits are calculated using the highest 35 years of earnings, so missing work years leads to lower benefits.

• If you’re thinking about retiring or know someone who is, there are three quick questions causing many Americans to realize they can retire earlier than expected. take 5 minutes to learn more here

If you’re retired, you probably get a lot of your income from Social Security. And you may be wondering how your monthly benefit compares to what the typical recipient gets.

There’s an easy way to get that information.

The Social Security Administration (SSA) publishes information on monthly benefits for the public to access. It says that currently, the average monthly benefit among retired workers is $2,015. However, once 2026’s 2.8% cost-of-living adjustment takes effect, the average monthly retirement benefit is expected to rise to $2,071.

Based on this information, you can take a look at your monthly benefit and see how it compares to the average. But the unfortunate reality is that if your monthly benefit is considerably lower, it may be a bit too late to boost it substantially.

However, if you’re nearing retirement and think your benefit won’t be as high as the typical senior’s benefit, there may be steps you can take to score a higher monthly Social Security paycheck. And those may be worth taking if you expect Social Security to be a substantial source of income for you.

How to boost your Social Security benefits

There’s an easy way to see what Social Security benefit you’ll be in line for in retirement. Just create an account on the SSA’s website and access your most recent earnings statement. It should give you an estimate of your monthly benefit so you can see what payment to expect each month.

If you don’t like what you see, there are ways to potentially set yourself up with a larger monthly Social Security paycheck.

First, make sure to wait until at least full retirement age to file for benefits. That age is 67 if you were born in 1960 or later.

You can also wait to claim Social Security past full retirement age. Each year you hold off boosts your monthly benefits by 8%, up until age 70.

But that’s not all you can do. Another way to boost your Social Security benefits is to make sure you have a 35-year work history. That’s because the SSA takes your most profitable 35 years of earnings into account when calculating your monthly benefits.

If you don’t work for 35 years, you’ll have a $0 factored into your benefits formula for each year you’re missing an income. So delaying your retirement a bit could lead to larger monthly checks.

It’s also important to review your earnings record for inaccuracies. Underreported income could result in smaller monthly benefits.

Don’t wait until retirement to figure out what Social Security will pay you

You may not realize how your monthly Social Security benefit compares to the average until you retire and start collecting that money. But it’s important to get a feel for what your benefits will look like ahead of retirement so you can take steps to boost them if necessary.

You can create an account on the SSA’s website at any age and get an estimate of your monthly Social Security benefits at that time. Granted, if you’re many years away from retirement, that estimate may not be the most accurate. But if you’re in your 50s and have been working for 25 or 30 years, the number you see may be a pretty good estimate.

Either way, you should know that there are steps you can take to get more money out of Social Security. It’s worth making that effort if you expect those benefits to constitute the bulk of your income once you stop working.

The New Report Shaking Up Retirement Plans 

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The good news? After answering three quick questions many Americans are finding they can retire earlier than expected. If you’re thinking about retiring or know someone who is, take 5 minutes to learn more here.