Can You Retire on Social Security Alone? Exploring Average Benefits and Boosting Strategies
Monday, 18 March 2024, 11:00
What's the average Social Security benefit?
The average retiree relies on Social Security for income, receiving less than expected. Social Security benefits are crucial for many older adults, with some having no other source of retirement income.
Factors Affecting Benefits
- Social Security calculates benefits based on 35 highest-earning years
- Monthly payments vary by income and retirement age
The average worker receives less than $2,000 per month in benefits, making it essential to supplement income for retirement expenses.
Simple ways to boost your Social Security
- Create a my Social Security account to check your future benefit estimates
- Delay claiming benefits to receive a bonus on top of your full benefit amount
- Work for at least 35 years to maximize your benefit based on your income history
- Increasing your income can result in higher benefit amounts
By setting realistic expectations and implementing strategies to increase benefits, retirees can enhance their financial preparedness for retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.