Social Security benefits are a lifeline for many retirees, with 62% of current retirees saying they're a major source of income, according to a 2025 poll from Gallup.
Now more than ever, though, benefits are falling short for those who depend on them. More than half of retirees say the annual cost-of-living adjustments (COLAs) aren't enough to keep up with costs, a 2025 report from The Motley Fool found.
So what does the average retiree actually receive in benefits? It's less than you might think. Plus, here's where it might be in 2030 after a few more years of COLAs.
Image source: Getty Images.
How does your benefit compare to the average?
The average Social Security benefit is around $1,869 per month, according to November 2025 data from the Social Security Administration.
Among retirees specifically, the average payment is $2,013 per month. The average spouse of a retired worker receives $957 per month, while the average disabled worker collects $1,589 per month.
Starting in January, though, all beneficiaries will receive a 2.8% COLA. That will bring the average retiree's payment up around $56 to $2,069 per month in 2026.
Where will benefits be by 2030?
There's no way to know precisely how the average benefit will change over the next five years. However, we can estimate it based on previous COLAs.
Over the last 20 years, the average COLA has landed at around 2.6%. Of course, the coming years may see higher or lower adjustments depending on how inflation fares. But for simplicity's sake, let's assume that after the upcoming 2.8% COLA takes effect, retirees will earn a 2.6% adjustment every year until 2030. At that rate, here's how the average benefit might change:
| Year | Avg. Monthly Benefit Amount | Avg. Benefit After COLA |
|---|---|---|
| 2025 | $2,013 | $2,013 + 2.8% = $2,069 |
| 2026 | $2,069 | $2,069 + 2.6% = $2,123 |
| 2027 | $2,123 | $2,123 + 2.6% = $2,179 |
| 2028 | $2,179 | $2,179 + 2.6% = $2,236 |
| 2029 | $2,236 | $2,236 + 2.6% = $2,294 |
| 2030 | $2,294 | $2,294 + 2.6% = $2,354 |
Source: Author's calculations.
If COLAs stay in line with their historic average over the next five years, the average retiree will only see their benefit increase by a few hundred dollars per month.
Keep in mind, though, that this assumes nothing else changes with the program. Social Security has been on shaky financial ground for years, and as the trust funds approach depletion, benefit cuts could be on the table. It's unclear right now whether lawmakers will find a solution before that happens, and even if they do, it could still affect retirees' benefits.
While retirees will continue to receive annual COLA raises going forward, they may not be sufficient. If you can swing it, finding ways to reduce your dependence on Social Security can help build a more financially secure retirement.
