Social Security has a big birthday coming up next year -- it's turning 90! It's kept many millions of people out of poverty for decades and was recently supporting more than 71 million people with around $1.5 trillion in benefits for the year.
Remember that these benefits aren't government largesse, too -- these folks paid into the system throughout their working lives and are now collecting their due.
Image source: Getty Images.
If you're not wondering what you can expect to collect from Social Security, you should because it can help with your critical retirement planning. The best way to learn how much you might receive from Social Security is to set up a my Social Security account at the Social Security Administration (SSA) website. Until you do so, though, know this: The average monthly Social Security retirement benefit was $1,925 as of November, amounting to about $23,000 annually.
Below are some additional interesting numbers, which show some average monthly benefits for people of different ages -- including age 75 -- and genders as of the end of 2023:
|
Age |
Average Benefit, All |
Average Benefit, Men |
Average Benefit, Women |
|---|---|---|---|
|
62 |
$1,298 |
$1,440 |
$1,167 |
|
65 |
$1,563 |
$1,733 |
$1,410 |
|
67 |
$1,884 |
$2,094 |
$1,676 |
|
70 |
$2,038 |
$2,257 |
$1,816 |
|
75 |
$2,102 |
$2,228 |
$1,800 |
|
80 |
$1,940 |
$2,139 |
$1,750 |
|
85 |
$1,864 |
$2,034 |
$1,712 |
Source: Social Security Administration. Chart by author.
Most folks will likely agree that these sums won't support them very comfortably in retirement. Fortunately, there are ways to boost your future benefits, such as delaying to claim them. For most people, waiting until age 70 will be the best move -- if you can manage to do so.
It's also smart to work on setting up multiple income streams for your retirement -- perhaps with sources such as dividends, annuities, and interest. You might also work part-time for the first few years of retirement to generate a little extra income. And remember, delaying your retirement for a few years is another powerful move.
