Quick Read
Social Security benefits are an important income source for seniors.
Living on Social Security alone isn’t possible.
You need to know the average benefit so you can anticipate what Social Security can do for you.
When you think ahead to your retirement, you probably assume Social Security is going to play a pretty important role in supporting you. Retirement benefits from the Social Security Administration are a stable, reliable source of income, and benefits are even adjusted upward in most years to account for inflation. This means you have money coming that shouldn’t lose ground each year, and that will last until you die.
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Unfortunately, while Social Security is an important retirement income source, it also can’t be your only source of income.
In fact, you must understand what role your benefit checks can play in providing for your needs. Understanding the truth about the average Social Security benefit is a good first step in this process, as you can see what the Social Security Administration is paying most seniors.
Here’s the harsh reality of the average Social Security check
In 2026, the average monthly Social Security benefit totals only $2,071 for all retired workers, according to the Social Security Administration. Benefits do vary by age, though. In fact:
The average benefit for a 62-year-old is $1,424.40
The average benefit for a 67-year-old is $2,016.48
The average benefit for a 70-year-old is $2,274.68
Benefits go up as you get older because claiming Social Security checks later in life increases the monthly payment you collect.
You earn delayed retirement credits when you wait beyond your full retirement age, and these add 2/3 of 1% per month or 8% per year to your standard benefit. If you claim early, though, you get hit with early-filing penalties totaling 5/9 of 1% per month for the first three years and 5/12 of 1% for any prior month. This adds up to a 6.7% reduction for each of the first three years, and an extra 5% off your benefit for any year before then.
Regardless of when you claim, though, you’ll also notice that the average benefit isn’t really enough to live on. Even at 70, the average monthly benefit would provide an annual income of just $27,296.16, which probably won’t allow you to maintain your standard of living.
The average Social Security benefit is low for a reason
Steve Heap / Shutterstock.com
Seeing these average benefits is disappointing if you were counting on Social Security as your main source of income as a retiree. But this isn’t an accident, because retirement checks weren’t ever meant to be your only means of support. You should have a pension and savings to supplement your Social Security checks, and together the three sources of funds are supposed to be a three-legged stool that supports you in retirement.
The problem comes if you don’t have a pension (which most people don’t have) and you have limited savings. And this is a problem that’s going to affect you even if your Social Security benefit is way higher than the average. That’s because retirement checks only replace around 40% of pre-retirement income, and you can’t live comfortably on so little.
You need a plan to have investments that supplement Social Security so you can have a comfortable budget as a retiree. Now that you know Social Security won’t be enough, start working with a financial advisor as soon as you can on developing your comprehensive saving and investing plan ASAP. The sooner you get started, the easier building your nest egg will be.
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